3 Data Points - Zillow Going for Share, Instacart IPO, Office Trends
Here's the data...
Today's Data
Zillow in a position of strength: Going after mortgage market…
Office foot traffic trends remain slow: -35% below 2019
Instacart IPO: This data says to be careful for now…
Zillow Clearly Playing Offense Within Mortgage While Others Playing Defense...
When times get tough, leaders lead and the less resilient companies tend to fall behind. Leaders come in different forms; however, in the investment world, we believe leadership comes down to market share and financial stability. Zillow has both, and this is evident in one of their growth areas: mortgages.
MLO stands for Mortgage Loan Originator, and it is an indicator of mortgage demand. Using data from Mikedp, we observed that Zillow is the only scaled company driving significant growth in MLOs. We believe that this offensive move positions Zillow incredibly well for when rates begin to decrease and mortgage volume re-accelerates, allowing them to take meaningful mortgage market share.
Full Disclosure: Avory & Company is investing in Zillow at the time of this writing.
Office Foot Traffic Is Coming Back Slowly, Still -35% Below 2019 Levels...
We consistently track foot traffic patterns to office buildings to gauge the evolving normalization of the workplace following years of remote work. Presently, foot traffic is still -35% below the standard levels recorded in 2019. While there has been progress toward 2019 levels, we believe that these levels are likely close to what we should consider to be the new normal within office traffic.
Instacart Going Public, and Data Suggests the Usage is Decelerating...
Instacart has become a household name over the years as they have executed well in providing consumers with grocery delivery. Post COVID, Instacart saw explosive growth and has leveraged that growth to seek additional funding via an IPO. With an IPO on the horizon, we wanted to peek into app download trends and its relationship with their gross transaction volume "GTV". Heading into what will be a very popular IPO, Instacart has seen its growth come to a halt. That is what the data says...
Disclaimer: Not a recommendation to purchase or sell any securities mentioned. This is for educational purposes only.
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Disclaimer: Not a recommendation to purchase or sell any securities mentioned. This is for educational purposes only.