real-time news and commentary for investors
Monday, Sep 23
Zillow, Trulia add to Friday's losses
- Zillow (Z -4.6%) is now down 9% from Thursday's close, and Trulia (TRLA -2.9%) 8%. The declines follow a new bearish Citron Research note on Zillow that criticized the real estate platform's sales/marketing spend and insider selling, among other things.
- SA contributor GS Analytics defended Zillow over the weekend, noting 47% of the company's Q2 sales/marketing spend ($15.5M out of $32.9M) stemmed from ad spend and the accelerated vesting of restricted stock units by an ex-employee.
- This morning, Zillow announced its U.S. Home Value Index rose 0.4% M/M and 6.6% Y/Y gain in August to $162.1K. The Y/Y jump is the largest since July '06. Zillow's Rent Index rose 0.5% M/M and 1.9% Y/Y to $1,293.