Zillow Showing Unusual Strength Yet Again
Shares of 2011 IPO Zillow, Inc. (NASDAQ: Z) have been popping up on unusual relative strength and volume screens in recent days. On Tuesday, the stock has risen yet again on heavier than normal volume. Heading into the close, Z was up 3% to $38.13. The move has come despite a pullback in the broader market. Zillow is now trading above levels not seen since the Fall of 2011. Around 600,000 Zillow shares have traded hands on the session versus a 3-month daily average of under 300,000. The recent strength in the stock could be attributable to a rise in long-term interest rates which may pull demand for mortgages forward as potential buyers fret about even higher rates.
Zillow, Inc. (Zillow) is a real estate information marketplace. The Company provides information about homes, real estate listings and mortgages, through its Website and mobile applications, enabling homeowners, buyers, sellers and renters to connect with real estate and mortgage professionals.
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