'I liked the old Zillow, even if it was slowing down a bit, as it was a lot less risky. I'm not yet sold on the new Zillow, even with a much better class of CEO,' Jim Cramer says.
It's too early to make a bet on Zillow and its fledgling home-flipping business even under new management led by co-founder Rich Barton, CNBC's Jim Cramer said Tuesday.
Barton returned to Zillow as CEO after co-founder Spencer Rascoffstepped down in February after 10 years in the role. Zillow announced the home-flipping concept nearly a year ago and the stock has taken a number of tumbles since. Cramer thinks the pivot to investing in houses was ill-advised, citing British investment bank Barclays' downgrade of the stock from hold to sell last month. On Monday, the American investment bank Cowen upgraded the security from market perform to outperform, throwing its faith behind the new leadership. But Cramer said it will be a wait-and-see gamble.
In February, RBC Capital Markets' internet analyst Mark Mahaney said Barton, who was behind the launches of Expedia and Glassdoor, is the right choice to get the job done. But his firm also thinks it's a risky move.
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