Wedbush Upgrades Zillow Group Outlook to Outperform

According to a recent report, Wedbush has upgraded Zillow Group's outlook from Neutral to Outperform. Despite a slight decrease in fund ownership, institutional interest remains stable, with some increasing shareholdings. This may positively impact Zillow's stock prices going forward.

Date: 23-09-2024

AI Rating: 6

In a recent report, Wedbush has upgraded Zillow Group's outlook, which could positively influence its stock price. There is a mixture of sentiment among institutional shareholders regarding their positions in Zillow Group. Notably, funds have reported a decrease in owner count, with 454 funds reporting positions in the company, down by 4.42% from the previous quarter.

Despite the decrease in owner count, the total shares owned by institutions saw a slight increase of 0.78%, reaching 46,939K shares. This indicates that while fewer funds are investing in Zillow, those who remain are increasing their stakes. The average portfolio weight dedicated to Zillow has grown by 12.53%, suggesting a positive sentiment among remaining investors.

However, specific funds have reduced their allocations significantly. For instance, Caledonia (Private) Investments Pty shows a decrease of 2.10% in shares held, while also reducing their portfolio allocation by 34.66%. Similarly, the Vanguard Real Estate Index Fund decreased its holdings slightly by 0.02% and reduced its allocation by 20.72%.

On a brighter note, Norges Bank reported an increase of 100% in their holdings, which may reflect renewed confidence in Zillow Group. Overall, while there are some negative signals from significant holders reducing their shares, the upgrade by Wedbush and the stable total share ownership could indicate a cautiously optimistic outlook for Zillow Group's stock in the coming months.

Stocks: Z ZG