From TRD New York: Zillow Group is on track to make $1 billion this year, but it’s been a topsy-turvy few months for the stock.
Shares of the Seattle-based real estate giant — which is facing major backlash in New York over attempts to make money off brokers through various StreetEasy programs — closed at $39.62 on Aug. 31. That’s a nearly 23 percent drop from $51.23 in mid-June. And there have been several bumps and dips since.
For a little context: Zillow stock is trading 15 percent higher than it did last year at this time, so on balance, things look pretty solid. Though the stock hit a low of $31.22 per share in October, Wall Street is still bullish on Zillow’s prospects. “Across the ‘Net sector, Zillow remains one of the best growth stories,” analysts at RBC Capital Markets wrote in a research note Aug. 9, a day after the company reported its second-quarter earnings. According to RBC, Zillow enjoys a “strong competitive position” and, better yet, has tapped less than 10 percent of its core audience.