The stock of Zillow Group, Inc. (NASDAQ:ZG) is now priced at $79.84 and the shares are 8.27 points up or 11.56% higher compared to its previous closing price of $71.57. The stock had 3.805 million contracts set over the past session. ZG shares’ daily volume is compared to its average trading volume at 0.761 million shares. However, it has a float of 203 million and although its performance was 17.26% over the week, it’s one to watch. Analysts have given the ZG stock a yearly average price target of $58.74 per share. It means the stock’s downside potential is -26.43% with the ZG share price recently placing at $76.235 to $85.16. However, some brokerage firms have priced the stock below the average, including one that has called $28.
The shorts are running away from the Zillow Group, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the ZG shares have declined. Short interest in the stock represents just 0.91% of its float, but the volume has dropped by -607465. The volume of shorted shares dropped to 1.845 million from 2.453 million shares over the last two weeks. The average intraday trading volume has been 454223 shares, which means that days to cover moved to roughly 4.062496.
In the last trading session, Zillow Group, Inc. (NASDAQ:ZG) raised by $11.75 over the week and gained $18.09 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $85.16. The stock recorded its established 52-week high on 08/07/20.
Since 03/18/20, the stock has traded to a low of $18.65 at 328.1%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.24. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Zillow Group, Inc.’s two-week RSI is 76.43. This suggests that the stock is oversold at the moment and that ZG shares’ price movement remains not stable. The stochastic readings are equally revealing at 84.5% meaning the ZG share price is currently in oversold territory.
The technical chart shows that the ZG stock will likely settle at between $84.59 and $89.34 per share. However, if the stock dips below $75.66, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $71.49.
Currently, the stock is trading in the green of MACD, with a reading of 4.37. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Wedbush raised their recommendation for ZG from Neutral to Outperform in August 07 review. Susquehanna analysts upgraded their recommendation of the stock from Negative to Neutral while keeping its target price at $39 to $70 in a flash note released to investors on August 04. BTIG Research analysts see the stock as Buy when the analysts initiated the share price coverage on June 11.
The average rating for the ZG equity is 2.57 and is currently gathering a bullish momentum. Of 21 analysts tracking Zillow Group, Inc. polled by Reuters, 10 rated ZG as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (9) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 41.6. Zillow Group, Inc. has its P/E ratio at 4.5, which means that the stock is currently trading at a discount relative to the 5.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Zillow Group, Inc. (NASDAQ:ZG) will decrease by about -19.86%, which will see them reach $615.44 million. The company’s full-year revenues are, however, expected to increase by about 23.72%, up from $2740 million to $3390 million. ZG’s expected adjusted earnings should surge almost 242.86% to end up at -$0.48 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 150% to record -$1.35/share.