Zillow (NASDAQ:Z) noted its shares gained 4% after Bank of America double upgraded the stock to buy, citing its improved growth outlook despite a challenging macroeconomic environment.
During December, Zillow stock fell 16.6% in December, according to data from S&P Global Market Intelligence . Although there wasn't news specific to Zillow in December, it continues to take a beating from a sour economy, rising interest rates, and the resulting scenario of a real estate market that's heading south.
Zillow has a strong edge in its dominant position as a leading online real estate platform. It offers solutions in four main categories: buying, selling, financing, and renting.
Zillow had a disastrous 2021 after it shut down its iBuying business in November of last year. Although that put an end to what was a money-losing business, it sank investor confidence and meant many months of restructuring. That was in addition to what was an emerging bear market and overall economic woes.
Zillow has stated that it is a media company that generates revenue by selling advertising on its website. In April 2009, Zillow announced a partnership to lend its real-estate search engine to the websites of more than 180 United States newspapers as a part of the Zillow Newspaper Consortium. Zillow shares advertising revenue from the co-branded sites with the newspapers and extends its reach into local markets.
Z screamed higher $2.86, or 8%, to $38.74.
