Why Zillow Group Stock Soared 21% in November
Shares of online real estate company Zillow Group (NASDAQ: Z)(NASDAQ: ZG) jumped 21% in November, according to data provided by S&P Global Market Intelligence. Several positive factors came together to uplift investor sentiment last month, notably a better-than-expected third-quarter earnings report and the final closing out of its iBuying business.
Zillow was a hot stock not too long ago. It gained more than 600% from March 2020 through February 2021, when the pandemic started and everything shifted online. It's lost 80% of its value since then.
That initial descent was largely due to falling investors' confidence in unprofitable growth stocks, but there was a sharp drop a year ago when Zillow announced it would close its iBuying business. Investors ran from the stock as it scrambled to pull together what was left of its business.
Source Fool.com
