Zillow Group (NASDAQ:ZG) Share Price Breaks Below 50 Day Moving Average – What’s Next?

Zillow Group, Inc. (NASDAQ:ZG)’s share price passed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $33.24 and traded as low as $27.56. Zillow Group shares last traded at $27.97, with a volume of 1,297,872 shares changing hands.

Analysts Set New Price Targets

ZG has been the subject of a number of recent analyst reports. Susquehanna decreased their target price on Zillow Group from $50.00 to $38.00 and set a “neutral” rating for the company in a research report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft set a $80.00 price target on shares of Zillow Group in a report on Monday, August 24th. Zacks Research lowered shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Piper Sandler decreased their price objective on shares of Zillow Group from $55.00 to $46.00 and set an “overweight” rating for the company in a report on Friday, August 7th. Finally, The Goldman Sachs Group lowered their price objective on shares of Zillow Group from $53.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, June 12th. Ten research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $51.38.

Zillow Group Stock Down 0.1%

The business’s fifty day moving average is $33.16 and its 200-day moving average is $35.84. The company has a market cap of $6.72 billion, a PE ratio of 135.78, a P/E/G ratio of 1.22 and a beta of 2.02.

Zillow Group (NASDAQ:ZG) last announced its earnings results on Wednesday, August 5th. The technology company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates 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 firm’s revenue was up 17.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.40 earnings per share. Analysts forecast that Zillow Group, Inc. will post 0.89 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Errol Samuelson sold 3,154 shares of Zillow Group stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $34.24, for a total transaction of $107,992.96. Following the transaction, the insider directly owned 130,885 shares in the company, valued at approximately $4,481,502.40. The trade was a 2.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jeremy Wacksman sold 9,339 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $34.18, for a total value of $319,207.02. Following the completion of the sale, the chief executive officer owned 138,574 shares of the company’s stock, valued at approximately $4,736,459.32. The trade was a 6.31% decrease in their position. The SEC filing for this sale provides additional information. 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 sold 38,539 shares of company stock worth $1,323,800 in the last quarter. Company insiders own 29.88% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC purchased a new stake in shares of Zillow Group in the second quarter worth $436,000. Engineers Gate Manager LP increased its position in Zillow Group by 1,290.7% in the second quarter. Engineers Gate Manager LP now owns 95,959 shares of the technology company’s stock worth $3,010,000 after purchasing an additional 89,059 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Zillow Group during the 2nd quarter valued at about $29,000. Arizona State Retirement System purchased a new stake in Zillow Group during the second quarter valued at approximately $340,000. Finally, Nykredit A S purchased a new stake in Zillow Group during the 2nd quarter valued at $65,000. 20.32% of the stock is currently owned by institutional investors.

Zillow Group Company Profile

Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms designed to help consumers buy, sell, rent and finance homes. Founded in 2006 and headquartered in Seattle, Washington, the company serves the U.S. residential real estate market through a portfolio of well-known brands.

Its flagship Zillow platform provides home listings, property information, estimated home values through its Zestimate tool, rental listings, mortgage resources and connections to real estate professionals.