Zillow Group (NASDAQ:ZG) Trading Down 7% – Here’s What Happened

Zillow Group, Inc. (NASDAQ:ZG) shares dropped 7% on Tuesday . The company traded as low as $32.87 and last traded at $32.8610. Approximately 386,886 shares were traded during trading, a decline of 67% from the average session volume of 1,166,628 shares. The stock had previously closed at $35.32.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ZG. Piper Sandler reduced their price target on shares of Zillow Group from $55.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, August 7th. Zacks Research lowered Zillow Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. Royal Bank Of Canada lowered their price target on Zillow Group from $70.00 to $55.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. Benchmark reaffirmed a “buy” rating on shares of Zillow Group in a research note on Monday, August 24th. Finally, Susquehanna cut their price objective on Zillow Group from $50.00 to $38.00 and set a “neutral” rating on the stock in a report on Thursday, August 6th. Eleven analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $53.14.

Zillow Group Stock Down 1.8%

The company has a market cap of $7.25 billion, a price-to-earnings ratio of 145.88, a PEG ratio of 1.44 and a beta of 1.97. The business’s fifty day simple moving average is $34.26 and its two-hundred day simple moving average is $37.98.

Zillow Group (NASDAQ:ZG) last issued its earnings results on Wednesday, August 5th. The technology company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.08. The business had revenue of $772.00 million during the quarter, compared to analysts’ expectations of $758.25 million. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.40 EPS. Sell-side analysts predict that Zillow Group, Inc. will post 0.89 EPS for the current fiscal year.

Insider Buying and Selling

In other Zillow Group news, CTO David Beitel sold 1,798 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $34.24, for a total transaction of $61,563.52. Following the transaction, the chief technology officer owned 133,013 shares of the company’s stock, valued at approximately $4,554,365.12. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeremy Hofmann sold 5,661 shares of Zillow Group stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $34.18, for a total value of $193,492.98. Following the sale, the chief financial officer owned 59,144 shares in the company, valued at $2,021,541.92. This trade represents a 8.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 38,539 shares of company stock valued at $1,323,800 over the last ninety days. Company insiders own 29.88% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ZG. Tidal Investments LLC purchased a new stake in Zillow Group in the 2nd quarter valued at $436,000. Engineers Gate Manager LP boosted its stake in shares of Zillow Group by 1,290.7% during the second quarter. Engineers Gate Manager LP now owns 95,959 shares of the technology company’s stock worth $3,010,000 after buying an additional 89,059 shares during the period. Integrated Wealth Concepts LLC purchased a new position in shares of Zillow Group during the second quarter worth about $29,000. Arizona State Retirement System purchased a new position in shares of Zillow Group during the second quarter worth about $340,000. Finally, Nykredit A S acquired a new position in Zillow Group in the 2nd quarter valued at about $65,000. Institutional investors and hedge funds own 20.32% of the company’s stock.

Zillow Group Company Profile

Zillow Group (NASDAQ:ZG) is a U.S.-based online real estate marketplace that connects consumers, real estate professionals and mortgage lenders through a suite of digital products and advertising services. Founded in 2006 by Rich Barton and Lloyd Frink and headquartered in Seattle, Washington, the company operates a portfolio of consumer-facing brands and tools designed to simplify home search, rental discovery, valuation and mortgage shopping.

Zillow’s core products include its consumer websites and mobile apps that list homes for sale and rent, the Zestimate automated home value estimate, and marketplaces that connect buyers and renters with agents and lenders.