
(C) Reuters.
By Christiana Sciaudone
Investing.com — Zillow Group Inc (NASDAQ:ZG) bounced to a record as Americans went shopping for new homes in the pandemic.
Shares of the real estate listings company jumped 17% Friday after it reported revenue rose 28% to $768 million, compared to the average analyst forecast of $619 million. The loss per share of 15 cents compares to the expected loss of 48 cents. The shares gave back some of the gains to close up 11.5%, at $79.78.
Traffic to Zillow Group’s mobile apps and websites reached a record 218 million average monthly unique users, an increase of 12% year over year, driving 2.5 billion visits during the quarter, the company said in a statement. Zillow ended the quarter with the highest cash balance in its history, growing cash and investments to $3.5 billion from $2.6 billion at the end of the first quarter.
Shares have eight buy ratings, nine holds and one sell, with an average price target of $65.25, analyst tracked by Investing.com say. The stock has more than doubled since March.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.