59.70 +0.32 (0.54%)
After hours: 7:56PM EDT
Commodity Channel Index
|Bid||59.40 x 800|
|Ask||59.46 x 1000|
|Day's Range||57.59 - 59.75|
|52 Week Range||20.04 - 66.68|
|Beta (5Y Monthly)||1.13|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||35.00|
At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (Recession is Imminent: We Need A Travel Ban NOW). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each […]
Zillow Group (ZG) is resuming its Zillow Offers home-buying business, reflecting the company’s confidence in real estate picking up despite the ongoing global pandemic.Zillow Offers is one of several “iBuyer” or instant-buyer programs that give potential sellers quick cash offers on their homes. Users pay an average 7.5 percent on the sale price of their home to Zillow, which also makes repairs and cleans, but is more than a seller would pay a real estate agent.Competitor Redfin (RDFN), which paused its Redfin Now service as well, is restarting it in several markets this month.Zillow said it will restart Zillow Offers in four cities — Phoenix, Ariz., Tucson, Ariz., Raleigh, N.C., and Charlotte, N.C. — after pausing the program across 24 markets in March due to the coronavirus outbreak. The company is following safety protocols, such as additional cleaning regimens for for-sale homes, virtual tours, and recommending customers wear masks and gloves during in-home tours.Zillow CEO Rich Barton expressed optimism for the future of real estate even though COVID-19 has slowed home sales and leaves the industry with an uncertain future. In a letter to shareholders, Barton cited increasing buyer demand in certain markets and traffic to Zillow’s web properties returning to pre-COVID-19 levels.“One thing we’ve always believed, and confirmed again over the past two months, is real estate is resilient,” Barton said in the letter, co-written with Zillow CFO Allen Parker. “People still need to move — and dream of moving, perhaps now more than ever.”Using a baseline prediction that GDP will decrease 4.9% in the U.S. this year, and go up 5.7% next year, Zillow predicts that housing prices will drop 2-to-3% through the end of 2020, as well a 60% decline in home sales this quarter. However, it estimates that sales volume will bounce back by the end of 2021.Brad Erickson of Needham reiterated a Hold rating for Zillow this week, with a price estimate of $58. He wrote that "home buying demand is proving more resilient than we thought 8 weeks ago and with data being put out from various sources throughout shelter-in-place, we think Z's stock now well reflects this improvement."Erickson went on: "Our latest checks with 30 realtors/7 states indicated more positively than we expected: less budget sensitivity in spite of ongoing transaction volume softness & low inventory.... From here, we view Z's risk/reward as looking increasingly balanced.... Reiterate Hold on Z."Zillow currently trades for $58.30. TipRanks data reveal 6 Buy, 6 Hold, and 2 Sell recommendations among Wall Street analysts, for a Moderate Buy consensus and 12-month average price target of $48. This represents 17.7% downside potential for the stock. (See Zillow stock analysis on TipRanks.)Related News: China’s Tencent To Pour $70B Into ‘New Infrastructure’ Including AI Alibaba Scores Earnings Beat With Revenue Surging 22% Y/Y Facebook Workplace Hits 5 Million Paid Users As Remote Work Demand Rises More recent articles from Smarter Analyst: * Alphabet: Google Discovery Ads Represents Another Opportunity for Investors, Says 5-Star Analyst * Philips Gets FDA Emergency Use Nod For Monitors, Displays During Covid-19 Pandemic * National Instruments To Buy OptimalPlus In $365 Million Deal * 3 "Strong Buy" Penny Stocks That Could Go Boom
Carvana (NYSE: CVNA), Spotify (NYSE: SPOT), and Zillow Group (NASDAQ: ZG)(NASDAQ: Z) are three high-growth stocks that are just getting started. Carvana is the country's third-largest retailer of used cars, but its business model is completely different than that of traditional car dealers. For starters, it doesn't even have dealership locations.
April is typically the most popular month for sellers to list their homes on the New York City market, with 5,095 added in the month last year. This year, however, with NYC an epicenter of the global coronavirus pandemic, only 717 new homes came on the market — an 85% decline from 2019, according to the StreetEasy Market Reports[i].
Zillow Group, Inc. (NASDAQ:Z) (NASDAQ:ZG), which is transforming the way people buy, sell and finance homes, has resumed buying homes in five additional Zillow Offers markets, bringing the total to nine.
‘The initial impact will be felt mostly on plunging sales and listings volumes, not prices,’ said Robert Kavcic, senior economist at BMO Capital Markets.
Rent prices slowed more than they had in at least five years when the coronavirus pandemic hit, according to the April Zillow® Real Estate Market Reporti. But the for-sale market continues to heat up after a slower early April.
This Memorial Day weekend could mark the start of "homecation" season, as Americans reconsider their summer vacation plans and, instead, come up with creative ways to vacation at home.
Zillow Group, Inc. (NASDAQ:Z) (NASDAQ:ZG) announced today that due to the emerging public health impact of the coronavirus (COVID-19) pandemic and to support the health and well-being of its employees, shareholders, and community, the 2020 Annual Meeting of Shareholders (the "Annual Meeting") will be held in a virtual-only format on June 9, 2020 at 2:00 p.m. Pacific Time. The virtual-only meeting location will be as announced in the proxy materials sent to shareholders on or about April 22, 2020. Shareholders will not be able to attend the Annual Meeting in person.
On Wednesday, Zillow hit an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 90-plus percentile with an improvement to 92, up from 89 the day before. Zillow has moved more than 5% past a 41.46 entry in a first-stage cup with handle, meaning it's now out of a proper buy range. Zillow posted -1,150% EPS growth in the latest quarterly report.
Zillow Group (ZG) resumes home buying for Zillow Offers in four of its markets, and announces implementation of new initiative to protect company stakeholders.
As the company reopens its iBuying division, Redfin CEO Glenn Kelman sees opportunity for iBuyers in beach towns.
Zillow shares were higher on Monday as the real-estate-services firm reopened its home-flipping program in certain markets.
Zillow Group Inc. said Monday it has resumed home buying in four of the markets Zillow Offers operates, with more markets to re-start soon. The markets are Phoenix; Tuscon, Arizona; Raleigh, North Carolina and Charlotte, North Carolina. The real estate services company had paused home buying on March 23, in response to the COVID-19 pandemic. The stock, which is still inactive in premarket trading, has lost 7.4% over the past three months, while the S&P 500 has dropped 15.0%.
Zillow Group, Inc. (NASDAQ:Z) (NASDAQ:ZG), which is transforming the way people buy, sell and finance homes, has resumed home buying in four Zillow Offers markets, with a renewed commitment to safety. The company is launching a health safety initiative -- Move Forward. Stay Safe. -- to help protect customers, employees and partners.
Touchstone Sands Capital Institutional Growth Fund recently released its Q1 2020 Investor Letter, a copy of which you can download below. The fund posted a return of -9.45% for the quarter, outperforming its benchmark, the Russell 1000 Growth Index which returned -14.10% in the same quarter. You should check out Touchstone Sands Capital’s top 5 […]
Moody's Investors Service (Moody's) affirmed RE/MAX, LLC's (RE/MAX) existing ratings, including the Ba3 Corporate Family Rating, and changed the outlook to negative from stable. Concurrently, Moody's assigned a Speculative Grade Liquidity Rating of SGL-2, reflecting good liquidity. "The outlook change to negative reflects Moody's expectation that a sharp decline in home sale transaction volume in 2020 and disruptions to RE/MAX's and its franchisees business caused by the coronavirus outbreak will lead to earnings decline and a spike in leverage in 2020," according to Dilara Sukhov, Moody's lead analyst on Re/Max. "The protections offered by the company's 100%-franchise structure, good liquidity and the expectation that the company's metrics will rebound as the US housing market recovers in 2021 support the affirmation of the ratings."
Companies like Lyft and Zillow Group are using convertibles to shore up their balance sheets or simply take advantage of strong investor demand for the hybrid securities.
Where people choose to live has traditionally been tied to where they work, a dynamic that through the past decade spurred extreme home value growth and an affordability crisis in coastal job centers. But the post-pandemic recovery could mitigate or even produce the opposite effect and drive a boom in secondary cities and exurbs, prompted not by a fear of density but by a seismic shift toward remote work.
Zillow Group, Inc. (NASDAQ:Z) (NASDAQ:ZG) announced today the pricing of concurrent underwritten public offerings of 8,000,000 shares of its Class C capital stock (the "Shares") at a price to the public of $48.00 per share and $500 million aggregate principal amount of its 2.75% convertible senior notes due 2025 (the "Notes"). Zillow Group also granted the underwriters of the Shares offering (the "Shares Offering") a 30-day option to purchase up to an additional 1,200,000 Shares and the underwriters of the Notes offering (the "Notes Offering") a 30-day option to purchase up to an additional $75 million aggregate principal amount of Notes, in each case solely to cover over-allotments. The Shares Offering and the Notes Offering are both expected to settle on May 15, 2020, in each case subject to customary closing conditions.
It's the latest example of a company taking advantage of the favorable market conditions created by the Federal Reserve's moves to support the economy.