On July 30, CoStar declined 5.2% in regular trading, trading at $28.42 per share with turnover of $81.33 million, extending the steep post-earnings selloff that began the prior session.

The continued weakness follows multiple analyst actions triggered by disappointing Q2 results and weak forward guidance. Keefe Bruyette & Woods downgraded CoStar to Market Perform from Outperform and slashed its price target to $29 from $41, while Goldman Sachs cut its target to $40 from $46 while maintaining a Buy rating. The company reported Q2 revenue of $925 million, missing the $928.8 million consensus, and issued Q3 guidance of $935-$945 million in revenue versus the $967.5 million expected by analysts. Q3 adjusted EPS guidance of $0.31-$0.34 also fell well short of the $0.38 consensus. Full-year revenue outlook was revised down to $3.72-$3.76 billion against analyst expectations of $3.80 billion. The stock had rallied over 10% in the two sessions preceding the earnings release, amplifying the magnitude of the reversal as profit-taking accelerated.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)