Why Zillow Group Shares Sank Today
Real estate might currently be hot, but investors were cool to online real estate portal operator Zillow Group (NASDAQ: Z)(NASDAQ: ZG) on Monday. Both classes of the company's stock took hits, with the former declining by 7.8% on the day and the latter falling 7.1%.
Zillow reported no notable proprietary news on Monday. Rather, it seems that peers and external factors are affecting sentiment on the company.
Investors are still digesting the ugly results posted by fellow real estate platform Opendoor Technologies, which reported its fourth-quarter results late Thursday. Like Zillow, Opendoor suspended homebuying when the coronavirus pandemic began to spread. Nevertheless, a steep 83% year-over-year decline in Opendoor's total homes sold (to 849) was worrying.
Source Fool.com
