Zillow Group: Stock skyrocket with CEO appointment

March 3, 2019
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Zillow Group's recent stock prices have closed up more than 25%, a welcomed sight compared to the losses the company faced with other recent earnings reports. This comes at the coattail of the company announcing that its co-founder, Rich Barton, would be taking the reigns as CEO, moving forward.

Zillow stock closed at $43.71, a major jump from the day’s opening price of just under $39 per share. The surge followed the company’s announcement, made the prior evening during an earnings release, that Barton would replace Spencer Rascoff as CEO. Barton co-founded Zillow in 2005, served as CEO until 2010, and after that, served as executive chairman of the real estate tech company.

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Credit: Google

The recent skyrocketing stock prices bucked a trend of post-earnings losses that had plagued Zillow since last spring, when the company said it was getting into iBuying via the expansion of its existing Instant Offers program. Immediately after that announcement, shares fell from nearly $54 to about $48.

Zillow’s shares soon recovered and hit all time highs in June, but tanked again after an August earnings call where the company discussed the acquisition of a mortgage company. Bank of America Merrill Lynch also downgraded the company’s stock at that time.

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Credit: Google

Finally, Zillow stock fell off a cliff after a November earnings report, going from more than $40 per share to less than $30. The stock saw some modest recovery in the following weeks, but even to this day is still trading below the prices it fetched prior to that November report.

Leading up to the recent earnings report, investors seemed to expect more of the same, with Zillow’s stock losing ground over the week until it bottomed out at just over $34 per share. But instead, shares immediately rallied, then kept inching up throughout that day.

Overall, Zillow’s stock is still trading down compared to most of 2018 and 2017.

Read more here

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March 3, 2019

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