TheStreet's Jim Cramer comments on Zillow's progress and future.
NEW YORK (TheStreet) -- Zillow Group (Z) - Get Report shares are up 1.07% to $22.60 in afternoon trading on Thursday, and TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio, believes the online real estate database company is trying to make a comeback.
The real estate business right now, is "just ok," Cramer said, pointing out that SunTrust analyst Bob Peck currently likes the stock.
But looking ahead, Cramer noted, "I think higher rates mean people are going to sell Zillow, and whether that's right or not, that's what I think happens."
Earlier this week, RBC Capital Markets upgraded the company to "outperform" from "sector perform" given positive real estate agent survey results and recent online traffic trends.
After surveying about 470 U.S. real estate agents, analysts came to a conclusion that Zillow is "scoring well" with agents who spent over $500 a month in online advertising and online real estate adoption continues to be significant.
In addition, traffic data published by comScore also showed that Zillow dominates online real estate properties with 65 million unique visitors to its site.