Why Zillow Group Surged 26% in the First Half of 2020

Shares of Zillow Group (NASDAQ: Z)(NASDAQ: ZG) surged 25.7% in the first half of 2020, according to data from S&P Global Market Intelligence, taking the stock from $46 per share to $57 per share.

It wasn't exactly the smoothest ride higher, considering the stock tanked to as low as $24 per share in mid-March before rebounding much higher.

Zillow's business was humming along until the COVID-19 pandemic hit the U.S. in March. The company took drastic measures to limit losses and preserve liquidity, including implementing a hiring freeze, reducing and delaying marketing spending, pausing home buying in the Zillow Offers iBuying business, and reducing all discretionary spending.

Source Fool.com