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Home Buying Boom Boosts Zillow’s Fortunes to a Record

imageStock Markets8 hours ago (Aug 07, 2020 04:16PM ET)

(C) Reuters.

By Christiana Sciaudone — 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 say. The stock has more than doubled since March.

Home Buying Boom Boosts Zillow’s Fortunes to a Record

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