Zillow Loses Over Half of Chicago Listings as Key Data Feed Cut Amid Real Estate Battle
Z is trading near its 52-week low of $34.7 (6.6% above the low).
Summary
Zillow has lost access to over half of its Chicago-area home listings after MRED, a local data provider, cut its feed. This significant operational setback stems from an ongoing dispute with real estate companies, including Compass, and directly impacts Zillow's core product offering. The company's own SEC filings warn that a loss of listing data could severely harm its business and financial condition. This development is contributing to Zillow's stock lagging the broader real estate sector. A telephone status meeting for the legal dispute is scheduled for May 26.
At the time of this announcement, Z was trading at $37.00 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $8.4B. The 52-week trading range was $34.70 to $93.88. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.