Zillow Group Inc (NASDAQ:Z) is one of the best stocks on the Nasdaq this morning, last seen up 3.2% to trade at $61.58, and earlier hitting a new two-year high of $61.71.
Zillow's stock rallied toward a more than two-year high Monday, as falling mortgage rates and rental revenue strength prompted Wedbush analyst Jay McCanless to turn bullish on the provider of real estate information and brokerage services.
Zillow Group Inc. (NASDAQ:Z ) Goldman Sachs Communacopia + Technology Conference September 9, 2024 6:45 PM ET Company Participants Jeremy Hofmann - Chief Financial Officer Conference Call Participants Mike Ng - Goldman Sachs Mike Ng Great. Well, thank you, everybody.
Zillow (ZG) reported earnings 30 days ago. What's next for the stock?
ZG enhances its AI native natural language search engine to streamline the home buying process.
The insights will help fine-tune ZG's marketing strategies, helping it tailor its offerings to meet the evolving needs of renters.
Property technology stocks have had a rough ride in the past few years as the industry has faced stiff competition, weak demand because of high interest rates, and a tough regulatory decision that has changed how people buy homes in the US.
Zillow Group stock remains buy-rated with a brighter growth outlook due to improving macro backdrop and solid execution in enhanced markets and top-of-funnel awareness. 2Q24 results exceeded expectations with revenue of $572 million and total adj EBITDA of $134 million, driven by strong performance in the residential, mortgage, and rental segments. ZG's growth catalysts of penetrating enhanced markets and expanding rentals continue to play out well, with solid revenue growth and market leadership position.
Disrupting real estate is no small task, but Zillow has the strategy to get it done.
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
A broader market selloff, like the one seen in the S&P 500 earlier this week, triggered by the unwinding of a so-called ‘carry trade' started in Japan, tends to bring down essentially all stocks regardless of their fundamental picture. Now trading at only 75% of their 52-week high, shares of Zillow Group Inc. NASDAQ: Z have become a worthy name for investors to consider during these selloffs.
The online real estate leader beat top-line estimates in its second-quarter report. The company made more progress to GAAP profitability.