ZG Stock Recent News

Shares of Zillow popped more than 15% after reporting strong Q2 results. The company saw a continued sequential recovery in the residential business, while multifamily properties drove yet another quarter of acceleration in Zillow Rentals. New U.S. real estate industry rules will take impact in August, which will favor more buyers who forego agents and conduct home research themselves on platforms like Zillow.

Housing market headwinds remain strong.

While the top- and bottom-line numbers for Zillow (ZG) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Zillow Group, Inc. (NASDAQ:Z ) Q2 2024 Earnings Conference Call August 7, 2024 5:00 PM ET Company Participants Bradley Berning - VP, Strategic Affairs & IR Richard Barton - Co-Founder & CEO Jeremy Wacksman - COO Jeremy Hofmann - CFO Conference Call Participants Ronald Josey - Citigroup Nicholas Jones - Citizens JMP Bradley Erickson - RBC Mark Mahaney - Evercore ISI Ryan McKeveny - Zelman & Associates John Campbell - Stephens John Colantuoni - Jefferies Thomas Champion - Piper Sandler Operator Hello, and welcome to Zillow's Second Quarter 2024 Earnings Call. We ask that you please hold all questions until the completion of the formal remarks, at which time, you will be given instructions for the question-and-answer session.

Zillow Group (ZG) came out with quarterly earnings of $0.39 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.39 per share a year ago.

Zillow Group operates a very popular website with hundreds of millions of visitors monthly. The company has a net cash position of $1.2 billion and has been reducing its outstanding shares with its share buyback program. However, while Q1 results show that revenue grew 13% yoy, the company continues to operate at a GAAP-based net loss (-$0.10/share in Q1).

The consensus price target hints at a 25% upside potential for Zillow (ZG). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.

This week, inflation data provided some encouraging signs. Both the Consumer Price Index (CPI) and Producer Price Index (PPI) came in lower than expected.

A lower-than-expected inflation print caused more speculation about rate cuts this week. Investors bid up housing and solar stocks on predictions that lower rates would help business eventually.

This story originally appeared on Real Estate News.