While Zillow (Z) is a nice utility on the internet, we are seeing complete and utter nonsense in a stock market starved for domestic growth stories. After upping its IPO price from $12-14 to $16-$18... and then $20 this morning - the stock opened around $47 (maybe one print at $60?) and has gone on to ruin any retailer investor participating to the tune of currently sitting at $34.
Winners? Those institutions given the shares at $20 who can flip to the retail crowd. Great to be 'smart money'.
- The company has a history of losses, spanning the past five years. In 2010, it lost $6.8 million on revenues of $30.5 million, and in the first three months of 2011, it lost $826,000 on revenues of $11.3 million.