Zillow Group Stock Surges on Lofty Analyst Bull Note

The analyst also hiked ZG's price target by $20

Digital Content Manager
Jul 11, 2023 at 10:40 AM
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Zillow Group Inc (NASDAQ:ZG) stock is up 8.2% to trade at $50.43 at last check, after Piper Sandler upgraded it to "overweight" from "neutral," and raised its price target to $62 from $42, which is 33% higher than its last close. The analyst in coverage noted steadying mortgage rates, which should generate demand, in addition to product optionality and new initiatives.

The security's usually quiet options pits are brimming with activity in response. Amid low absolute volume, 306 calls and 119 puts have crossed the tape, which is four times the intraday average. Most popular is the July 50 call, followed by the 55 call in that series.

An further unwinding pessimism in the options pits could boost ZG. This is per the equity's Schaeffer's put/call open interest ratio (SOIR) of 1.53 that stands higher than all but 1% of annual readings.

Options are reasonably priced at the moment. This is per the security's Schaeffer's Volatility Index (SVI) reading of 40%, which sits in the relatively low 8th percentile of its annual range, suggesting traders are pricing in lower-than-usual volatility expectations.

The shares are sprinting toward their June 28, one-year high of $51.94, with support from their 40-day moving average. Zillow Group stock is today on track for its best single-day percentage gain since May, while also sporting a considerable 63.4% year-to-date lead.



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