<p>你是一个正在恢复的 Zillow 投资者吗？别担心，你并不孤单。在 COVID-19 疫情期间，数百万美国人被这个直观的房地产应用程序吸引。随着利率接近零，房价飙升，棒球赛季被推迟，查看你房子的价值成为了新的全国性消遣。</p>
<p>如果你在疫情期间拥有 Zillow Group Inc. NASDAQ: ZG 的股票，你可能能够用你的利润购买一套新公寓。</p>
<p>然而，宏观环境的变化和一些严重的失误导致该股票在 2021 年底暴跌，Zillow 的复兴之路漫长。该股票仍比 2021 年的高点下跌近 50%，但有理由相信其近期的势头是可持续的。</p>
<p>现在是时候最终购买 Zillow 了吗？</p>
<h2>不仅仅是利率：为什么 Zillow 的跌幅超过了建筑股票</h2>
<p>在疫情期间，Zillow Group 的股票看起来像是一只 <strong>迷因股票</strong>。股票价格波动显著，在不到两年的时间里，从 18 美元涨到 212 美元，再跌到 26 美元。尽管高利率导致房地产市场降温，但在后 COVID 时代，建筑商和房地产投资信托 (REIT) 行业的表现仍然优于 Zillow。</p>
<p>是什么导致如此急剧和突然的下跌？宏观因素只能归咎于这么多；Zillow 自身的错误才是主要原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://lh7-rt.googleusercontent.com/docsz/AD_4nXeLdZolLutNjqbSR7S7pEUVR58Z_Brk9yXjvXTQAt7Wn9UGPwd6zd89JVakLoauOE1Am1DqG2UV6Sa1lAnXifawyy4P-5sKaoCVd_GRYne_SyK7DGEe1hnmkCWqvfXo4MSWQTrfSw/query-a2V5PWlidzE3UEtUV2Z5VFI5RDZJMWN4ZUE?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://lh7-rt.googleusercontent.com/docsz/AD_4nXeLdZolLutNjqbSR7S7pEUVR58Z_Brk9yXjvXTQAt7Wn9UGPwd6zd89JVakLoauOE1Am1DqG2UV6Sa1lAnXifawyy4P-5sKaoCVd_GRYne_SyK7DGEe1hnmkCWqvfXo4MSWQTrfSw/query-a2V5PWlidzE3UEtUV2Z5VFI5RDZJMWN4ZUE"/></p>
<p>Zillow 在 2018 年推出了一项名为 Zillow Offers 的 iBuying 计划，该计划使用专有算法识别被低估的房屋，进行修缮后出售以获取利润。</p>
<p>然而，该算法遇到了一个重大问题：它根本不起作用！</p>
<p>该计划反复为其资产支付过高的价格，未能考虑当地房地产趋势、维修和维护成本，以及来自有动机买家的竞争。此外，当 Zillow 试图扩大该计划时，面临严重的供应和劳动力短缺，导致装修延迟，使房屋在市场上停留的时间比预期更长。</p>
<p>到 2021 年第三季度，局势已经恶化。Zillow 发布了一份灾难性的财报，其中 ‘亮点’ 是来自 Zillow Offers 部门的惊人 4.22 亿美元亏损。平均而言，Zillow 每售出一套房屋就亏损 8 万美元，该公司于 2021 年 11 月开始关闭该计划，并裁员 2000 人。</p>
<p>ZG 的股票在刺激政策推动的反弹逐渐消退后，原本就不太可能保持 2021 年的高点，但 Zillow Offers 的完全失败让投资者对公司的长期前景产生了怀疑。然而，基本面和技术面的改善开始变得明显。</p>
<h2>技术信号显示上升趋势的增强</h2>
<p>ZG 股票在 2025 年开局波动，但日线图上出现了看涨的技术信号。本月早些时候，当 <strong>50 日简单移动平均线 (SMA)</strong> 突破 200 日 SMA 时，形成了一个金叉，这是技术交易者使用的最受欢迎的看涨信号之一。上一次 ZG 图表上出现金叉时，股票在短短六个月内上涨了约 80%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://lh7-rt.googleusercontent.com/docsz/AD_4nXcs0stFgQ2rk0h88t5oSDKoaM7ziAdvJUOAkdF_X5I8ZHJmHKIaPf0L11wJ8Mj3UzNCSuXsVd8QkT5Rs30FW1GM9WSv7jrabps3Q-fxsvUXMv4_S123VoWihPJ1m5x1j4zblMfolw/query-a2V5PWlidzE3UEtUV2Z5VFI5RDZJMWN4ZUE?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://lh7-rt.googleusercontent.com/docsz/AD_4nXcs0stFgQ2rk0h88t5oSDKoaM7ziAdvJUOAkdF_X5I8ZHJmHKIaPf0L11wJ8Mj3UzNCSuXsVd8QkT5Rs30FW1GM9WSv7jrabps3Q-fxsvUXMv4_S123VoWihPJ1m5x1j4zblMfolw/query-a2V5PWlidzE3UEtUV2Z5VFI5RDZJMWN4ZUE"/></p>
<p>与大多数美国股票一样，Zillow 在今年第一季度遭遇了急剧的回调，这一情况因特朗普总统在四月宣布的互惠关税而加剧。然而，该股票在过去三个月上涨了近 20%，<strong>看涨势头</strong> 使得股票接近 2025 年 2 月的高点 85.29 美元。</p>
<p>成交量已增加到自 2024 年 9 月以来的最高日均水平，相对强弱指数 (RSI) 也保持在 70 的超买阈值以下。技术趋势在过去一年中保持上升势头，基本面也开始逐渐跟上。</p>
<h2>盈利和升级提供基本面支持</h2>
<p>摆脱 Zillow Offers 的灾难一直是一个挑战。不过，该公司正在通过关键合作伙伴关系和创新功能来扩大其影响力，以更好地连接买卖双方，例如增强市场功能和 AI 驱动的工具，如 SkyTour 和 BuyAbility。</p>
<p>这些新投资中的一些已经表现良好，正如 2025 年第二季度财报在 8 月 6 日市场收盘后发布所显示的。</p>
<p>Zillow 在 2 月份宣布与 Redfin 达成合作，旨在通过将 Redfin（及其子公司）与 Zillow 的租赁平台 Trulia 和 HotPads 配对，扩大其租赁产品。该公司的第二季度数据显示，这一新合作的好处已经开始显现。</p>
<p>Zillow 报告第二季度收入为 6.55 亿美元，同比增长 15%，超出预期的 6.47 亿美元。这是自 2021 年第二季度以来 Zillow 的最高收入，租赁业务是销售的重要贡献者。租赁收入同比增长 36%，达到 1.59 亿美元，其中大部分归功于与 Redfin 的合作（多户住宅收入增长 56%）。</p>
<p>该公司报告每股收益为 40 美分，未达到分析师预期的 44 美分。然而，由于增加的营销费用和对 Redfin 等战略合作伙伴的投资，投资者基本上对这一失误不予理会。</p>
<p>第二季度的收入成本为 1.66 亿美元，但这些数字更可能是一次性增加，而不是对利润的持续拖累。</p>
<p>该股票的平均分析师评级仍为持有，但在第二季度报告后，10 家不同的研究公司提高了目标价，新共识价格预估为 85.62 美元，较当前价格有 7% 的上涨空间。</p>
<h2>你现在应该投资 1000 美元在 Zillow Group 吗？</h2>
<p>在你考虑 Zillow Group 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已经识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而 Zillow Group 并不在名单上。</p>
<p>虽然 Zillow Group 目前在分析师中被评为持有评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

Zillow集团-A

<p>Zillow 集团的股票在过去三个月上涨了 20%，这表明有进一步增长的潜力。尽管由于其 iBuying 项目的失误，股票从 2021 年的高点大幅下跌，但最近的技术指标，包括金叉，表明上升趋势正在增强。该公司基本面也在改善，与 Redfin 的成功合作使 2025 年第二季度的收入同比增长了 15%。分析师们正在考虑现在是否是投资 Zillow 的合适时机，因为其正接近关键技术水平</p>

<p>Are you a recovering Zillow investor? Don’t worry, you aren’t alone. Millions of Americans got hooked on the intuitive real estate app during the COVID-19 pandemic. With interest rates near zero, housing prices soaring, and baseball season postponed, checking your home value became the new national pastime.</p>
<div class="lb-trans"><p>你是一个正在恢复的 Zillow 投资者吗？别担心，你并不孤单。在 COVID-19 疫情期间，数百万美国人被这个直观的房地产应用程序吸引。随着利率接近零，房价飙升，棒球赛季被推迟，查看你房子的价值成为了新的全国性消遣。</p>
</div><p>And if you owned shares of Zillow Group Inc. NASDAQ: ZG during the pandemic, you might have been able to use your profits to buy a new condo.</p>
<div class="lb-trans"><p>如果你在疫情期间拥有 Zillow Group Inc. NASDAQ: ZG 的股票，你可能能够用你的利润购买一套新公寓。</p>
</div><p>However, changing macro tides and some serious missteps sent the stock plummeting in late 2021, and it’s been a long road back to respectability for Zillow. The stock is still down nearly 50% from its 2021 high, but there’s reason to believe its recent momentum is sustainable.</p>
<div class="lb-trans"><p>然而，宏观环境的变化和一些严重的失误导致该股票在 2021 年底暴跌，Zillow 的复兴之路漫长。该股票仍比 2021 年的高点下跌近 50%，但有理由相信其近期的势头是可持续的。</p>
</div><p>Is it time to finally buy Zillow?</p>
<div class="lb-trans"><p>现在是时候最终购买 Zillow 了吗？</p>
</div><h2>Not Just Rates: Why Zillow Was Crushed Worse Than Homebuilding Stocks</h2>
<div class="lb-trans"><h2>不仅仅是利率：为什么 Zillow 的跌幅超过了建筑股票</h2>
</div><p>Zillow Group shares looked like a <strong>meme stock</strong> during the pandemic. The stock price fluctuated significantly, ranging from $18 to $212 to $26 in less than two years. Although high rates contributed to a cooling housing market, the homebuilder and REIT sectors still outperformed Zillow in the post-COVID years.</p>
<div class="lb-trans"><p>在疫情期间，Zillow Group 的股票看起来像是一只 <strong>迷因股票</strong>。股票价格波动显著，在不到两年的时间里，从 18 美元涨到 212 美元，再跌到 26 美元。尽管高利率导致房地产市场降温，但在后 COVID 时代，建筑商和房地产投资信托 (REIT) 行业的表现仍然优于 Zillow。</p>
</div><p>What caused such a sharp and sudden decline? Macro can only be blamed for so much; Zillow's own mistakes deserve the crux of the scrutiny.</p>
<div class="lb-trans"><p>是什么导致如此急剧和突然的下跌？宏观因素只能归咎于这么多；Zillow 自身的错误才是主要原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://lh7-rt.googleusercontent.com/docsz/AD_4nXeLdZolLutNjqbSR7S7pEUVR58Z_Brk9yXjvXTQAt7Wn9UGPwd6zd89JVakLoauOE1Am1DqG2UV6Sa1lAnXifawyy4P-5sKaoCVd_GRYne_SyK7DGEe1hnmkCWqvfXo4MSWQTrfSw/query-a2V5PWlidzE3UEtUV2Z5VFI5RDZJMWN4ZUE" alt="" original-src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeLdZolLutNjqbSR7S7pEUVR58Z_Brk9yXjvXTQAt7Wn9UGPwd6zd89JVakLoauOE1Am1DqG2UV6Sa1lAnXifawyy4P-5sKaoCVd_GRYne_SyK7DGEe1hnmkCWqvfXo4MSWQTrfSw?key=ibw17PKTWfyTR9D6I1cxeA"/></p>
<p>Zillow launched an iBuying program in 2018 called Zillow Offers, which used a proprietary algorithm to identify undervalued homes that the firm could fix up and sell for profit.</p>
<div class="lb-trans"><p>Zillow 在 2018 年推出了一项名为 Zillow Offers 的 iBuying 计划，该计划使用专有算法识别被低估的房屋，进行修缮后出售以获取利润。</p>
</div><p>However, the algorithm ran into a significant problem: it didn’t work!</p>
<div class="lb-trans"><p>然而，该算法遇到了一个重大问题：它根本不起作用！</p>
</div><p>The program repeatedly overpaid for its assets, failing to account for local housing trends, repair and maintenance costs, and competition from motivated buyers. Additionally, when Zillow attempted to scale this program, it faced serious supply and labor shortages that delayed renovations and kept houses off the market longer than anticipated.</p>
<div class="lb-trans"><p>该计划反复为其资产支付过高的价格，未能考虑当地房地产趋势、维修和维护成本，以及来自有动机买家的竞争。此外，当 Zillow 试图扩大该计划时，面临严重的供应和劳动力短缺，导致装修延迟，使房屋在市场上停留的时间比预期更长。</p>
</div><p>By Q3 2021, the ice had broken. Zillow dropped a disastrous earnings report, ‘highlighted’ by a stunning $422 million loss from the Zillow Offers segment. On average, Zillow was losing $80,000 per home sold, and the company began shutting down the program in November 2021 with 2,000 layoffs.</p>
<div class="lb-trans"><p>到 2021 年第三季度，局势已经恶化。Zillow 发布了一份灾难性的财报，其中 ‘亮点’ 是来自 Zillow Offers 部门的惊人 4.22 亿美元亏损。平均而言，Zillow 每售出一套房屋就亏损 8 万美元，该公司于 2021 年 11 月开始关闭该计划，并裁员 2000 人。</p>
</div><p>ZG shares were never likely to hold their 2021 highs as the stimulus-fueled rally petered out, but the total failure of Zillow Offers gave investors reason to doubt the company’s long-term prospects. However, fundamental and technical improvements are starting to become noticeable.</p>
<div class="lb-trans"><p>ZG 的股票在刺激政策推动的反弹逐渐消退后，原本就不太可能保持 2021 年的高点，但 Zillow Offers 的完全失败让投资者对公司的长期前景产生了怀疑。然而，基本面和技术面的改善开始变得明显。</p>
</div><h2>Technical Signals Highlighting a Strengthening Uptrend</h2>
<div class="lb-trans"><h2>技术信号显示上升趋势的增强</h2>
</div><p>It was a rollercoaster start for ZG shares in 2025, but bullish technical signals are flashing on the daily chart. A Golden Cross formed earlier this month when the <strong>50-day simple moving average (SMA)</strong> crossed the 200-day SMA, creating one of the most popular bullish signals used by technical traders. The last time a Golden Cross appeared on the ZG chart, the stock appreciated approximately 80% in just six months.</p>
<div class="lb-trans"><p>ZG 股票在 2025 年开局波动，但日线图上出现了看涨的技术信号。本月早些时候，当 <strong>50 日简单移动平均线 (SMA)</strong> 突破 200 日 SMA 时，形成了一个金叉，这是技术交易者使用的最受欢迎的看涨信号之一。上一次 ZG 图表上出现金叉时，股票在短短六个月内上涨了约 80%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://lh7-rt.googleusercontent.com/docsz/AD_4nXcs0stFgQ2rk0h88t5oSDKoaM7ziAdvJUOAkdF_X5I8ZHJmHKIaPf0L11wJ8Mj3UzNCSuXsVd8QkT5Rs30FW1GM9WSv7jrabps3Q-fxsvUXMv4_S123VoWihPJ1m5x1j4zblMfolw/query-a2V5PWlidzE3UEtUV2Z5VFI5RDZJMWN4ZUE" alt="" original-src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcs0stFgQ2rk0h88t5oSDKoaM7ziAdvJUOAkdF_X5I8ZHJmHKIaPf0L11wJ8Mj3UzNCSuXsVd8QkT5Rs30FW1GM9WSv7jrabps3Q-fxsvUXMv4_S123VoWihPJ1m5x1j4zblMfolw?key=ibw17PKTWfyTR9D6I1cxeA"/></p>
<p>Like most U.S. equities, Zillow suffered a sharp drawdown in Q1 this year, exacerbated by President Trump’s reciprocal tariff announcement in April. However, the stock has been up nearly 20% in the last three months, and <strong>bullish momentum</strong> has led to shares approaching their 2025 high of $85.29 in February.</p>
<div class="lb-trans"><p>与大多数美国股票一样，Zillow 在今年第一季度遭遇了急剧的回调，这一情况因特朗普总统在四月宣布的互惠关税而加剧。然而，该股票在过去三个月上涨了近 20%，<strong>看涨势头</strong> 使得股票接近 2025 年 2 月的高点 85.29 美元。</p>
</div><p>Volume has increased to the highest average daily level since September 2024, and the Relative Strength Index (RSI) is cooperating by staying under the Overbought threshold of 70. The technical trend has had upward momentum for more than a year, and fundamentals are also starting to catch up.</p>
<div class="lb-trans"><p>成交量已增加到自 2024 年 9 月以来的最高日均水平，相对强弱指数 (RSI) 也保持在 70 的超买阈值以下。技术趋势在过去一年中保持上升势头，基本面也开始逐渐跟上。</p>
</div><h2>Earnings and Upgrades Providing Fundamental Tailwinds</h2>
<div class="lb-trans"><h2>盈利和升级提供基本面支持</h2>
</div><p>Shaking off the Zillow Offers disaster has been a challenge. Still, the company is working to expand its reach through a key partnership and innovative features to connect better buyers and sellers, such as the Enhanced Markets feature and AI-powered tools like SkyTour and BuyAbility.</p>
<div class="lb-trans"><p>摆脱 Zillow Offers 的灾难一直是一个挑战。不过，该公司正在通过关键合作伙伴关系和创新功能来扩大其影响力，以更好地连接买卖双方，例如增强市场功能和 AI 驱动的工具，如 SkyTour 和 BuyAbility。</p>
</div><p>Some of these new investments are already performing well, as evidenced by the Q2 2025 earnings report released post-market on August 6.</p>
<div class="lb-trans"><p>这些新投资中的一些已经表现良好，正如 2025 年第二季度财报在 8 月 6 日市场收盘后发布所显示的。</p>
</div><p>Zillow announced a partnership with Redfin in February, intending to expand its rental offerings by pairing Redfin (and its subsidiaries) with Zillow’s rental platforms Trulia and HotPads. The company’s Q2 numbers showed that the benefits of this new partnership are already being realized.</p>
<div class="lb-trans"><p>Zillow 在 2 月份宣布与 Redfin 达成合作，旨在通过将 Redfin（及其子公司）与 Zillow 的租赁平台 Trulia 和 HotPads 配对，扩大其租赁产品。该公司的第二季度数据显示，这一新合作的好处已经开始显现。</p>
</div><p>Zillow reported $655 million in Q2 revenue, a 15% year-over-year (YOY) advance that beat the expected $647 million. It was the highest revenue figure for Zillow since Q2 2021, with rentals being a significant contributor to sales. Rental revenue grew 36% YOY to $159 million, much of it attributable to the Redfin alliance (56% growth in multifamily revenue).</p>
<div class="lb-trans"><p>Zillow 报告第二季度收入为 6.55 亿美元，同比增长 15%，超出预期的 6.47 亿美元。这是自 2021 年第二季度以来 Zillow 的最高收入，租赁业务是销售的重要贡献者。租赁收入同比增长 36%，达到 1.59 亿美元，其中大部分归功于与 Redfin 的合作（多户住宅收入增长 56%）。</p>
</div><p>The company reported 40 cents of earnings per share, which missed analysts’ 44-cent EPS estimate. However, investors essentially wrote this miss off due to increased marketing expenses and investments in strategic partnerships like Redfin.</p>
<div class="lb-trans"><p>该公司报告每股收益为 40 美分，未达到分析师预期的 44 美分。然而，由于增加的营销费用和对 Redfin 等战略合作伙伴的投资，投资者基本上对这一失误不予理会。</p>
</div><p>The cost of revenue was $166 million during Q2, but these figures are more likely to be one-time increases than consistent drags on profit.</p>
<div class="lb-trans"><p>第二季度的收入成本为 1.66 亿美元，但这些数字更可能是一次性增加，而不是对利润的持续拖累。</p>
</div><p>The average analyst rating on the stock remains Hold, but 10 different research firms boosted their targets following the Q2 report, and the new consensus price estimate of $85.62 indicates an upside of 7% from current prices.</p>
<div class="lb-trans"><p>该股票的平均分析师评级仍为持有，但在第二季度报告后，10 家不同的研究公司提高了目标价，新共识价格预估为 85.62 美元，较当前价格有 7% 的上涨空间。</p>
</div><h2>Should You Invest $1,000 in Zillow Group Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在 Zillow Group 吗？</h2>
</div><p>Before you consider Zillow Group, you'll want to hear this.</p>
<div class="lb-trans"><p>在你考虑 Zillow Group 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Zillow Group wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已经识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而 Zillow Group 并不在名单上。</p>
</div><p>While Zillow Group currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 Zillow Group 目前在分析师中被评为持有评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

Zillow 集团正接近关键技术水平：现在是买入的时机吗？