After nosediving following the release of its lower-than-expected third-quarter results, Zillow stock is on the rebound and two of its board members are doubling down on the Seattle-based real estate technology company.
Rich Barton, Zillow’s co-founder and executive chairman, purchased slightly more than 700,000 shares of Zillow Group stock between November 16 and 20 in Class A Common Stock and Class C Capital Stock, according to Zillow’s SEC filings. The shares were valued between $26.95 and $28.14 at the time of purchase.
“All the work the great people of Zillow Group have done to date, bringing critical real estate market information to light, has set the stage for Act II: transforming the way consumers buy, sell, mortgage, and rent homes,” Barton said in a statement, obtained by GeekWire. “I’m proud to be a Zillow Group board member and shareholder. I couldn’t be more excited about the opportunity in front of us and am committed to the company’s long term vision and success.”
Jay Hoag, the co-founder of Technology Crossover Ventures and a Zillow board member for 13 years, also purchased 850,000 shares of Zillow Group stock on November 21 and 23, valued at $29.08 and $29.47, respectively.
Zillow Group’s stock has since rebounded, ending the trading day on Monday at $32.57, up more than 11 percent. Its value is still lower than the $40 per share the company was trading at before the earnings call – and far below the $65 per share high the company reached over the summer – but it appears to be trending in a positive direction.