After months of relentless selling, shares of Zillow Group Inc (NASDAQ: ZG) have quietly done something they haven't managed in weeks. ZG stock just posted three straight days of gains. That may not sound dramatic, but in the context of a nearly 50% collapse and extreme bearish sentiment, it’s worth noting.
Shares now trade around $45, effectively back to where they were in 2014, with nearly two years of gains wiped out over the past five months alone. A sluggish housing market, thanks to elevated mortgage rates over recent months, and a dodgy report last week, has done the stock no favors. Yet with sentiment about as bad as it can get, and price action showing signs of stabilizing, could this run of green days be the start of something?
