Zillow’s stock price hit an all-time high of $110.78 a share today, as people get ready to look for a new home. That beat the company’s previous high point of $108.70, which Zillow reached last month.
It’s good news for Zillow’s fate on Wall Street, considering the company’s stock price fell to $93.63 on May 7, just before the company announced its earnings for the first quarter of this year. The company reported revenues of $66.2 million, a record for the first quarter, and said that 79 million users visited the site in April, an all-time record.
These past few months have been an interesting time for Zillow. It recently hired Errol Samuelson away from Move, Inc., the company that runs Realtor.com, to serve as Zillow’s Chief Industry Development Officer. Move subsequently sued for breach of contract, theft of trade secrets and other charges. A King County Superior Court judge has denied Move’s motion to block Samuelson from joining Zillow, but the case is still ongoing.
The company is also locked in the middle of an advertising war with its other online real estate competitors. As a part of its $65 million marketing push this year, Zillow recently released a new ad targeting people interested in home who are seeking a new home, alongside other new campaigns from Trulia and Realtor.com. Considering Zillow is the only company out of the three that has a stock price in the triple digits, it’s clear that Wall Street has picked their winner so far.
