Zillow’s stock price rose 15 percent today in the real estate search company’s first day of trading after closing its $2.5 billion acquisition of rival Trulia.
The company’s stock peaked at around $132.59 a share, before closing at $125.49 a share. As of this report, Zillow’s share price has remained roughly flat in after hours trading. It’s still below the company’s all time high stock price of $158.86 a share, though.
The stock price increase is a vote of confidence from Wall Street in Zillow as the company enters the next chapter of its business.
There’s tough competition ahead: News Corp. acquired Move, Inc., the operator of Realtor.com, last year. Rupert Murdoch has made it quite clear that his company is geared up to fight for users in the real estate search business.
“I like our chances,” said Rascoff in a conference call with analysts today. “We’ve got great people and we’ve got great assets and we’ve got great brands. And we have a great running head start. But we are not resting.”
Previously on GeekWire: Zillow closes $2.5 billion acquisition of Trulia, plans to cut 350 staffers… Layoffs hit Trulia as Zillow acquisition set to close today… Zillow CEO Spencer Rascoff: Cultural similarities will help avoid rifts in Trulia integration… With Trulia deal complete, Zillow looks to secure more MLS listings as face-off with Move Inc. intensifies
