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.
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.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.