It looks like 23 was the bottom, and it has come off that nicely, 10% higher as of today, with a nice upward drift. I doubt if shorts have begun to cover yet, and a long position in Z could pay off well into 2013. I encourage longs not to sell too soon - they are getting too much press about what is going right and that huge short position could really be fun...
Any business that treats consumers with contempt like Zillow does the way it imposes inaccurate and unwanted zestimates on private property with no right of appeal is doomed in the long run. Gimmicks like this have a short shelf life as people get tired of the garbage that Zillow publishes, and eventually some form of regulation will be imposed to put a stop to this nonsense.
Put that into context with the recent report by Citron Research which was highly critical of the Zillow business model, and also the SEC investigation into Zillow accounting practices, then there are too many unanswered questions about the value of Zillow stock to determine if today was a 'dead cat bounce' or any sort of recovery.
The elephant in the room is whether any lawsuits will be filed in respect of the shelf offering announced on September 5th, and whether the SEC investigation launched in August was disclosed to investors in that offering that seemed to be 'rushed' after both the CEO and CFO referred to the S-3 filing as 'good housekeeping' on August 1, yet launched the shelf offering only 34 days later. Lots to think about here and it will be interesting to see how this pans out.
well stated - in fact I heard they are being put out of business this week, and all employees are to be burned alive, by God Almighty, no less! Lots to think about here and it will be interesting to see how this pans out.