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Rightmove is trading at £21.68 with the share price down 21% since it reported better EPS, revenue and profits for 2013 at the end of February. Though the slip could be seen as minor when one considers that Rightmove's share price is up 400% over the past five years.
Although the company has benefited from the booming housing market – with full-year profits in 2013 up 17% – it could be a victim of its own success, since Mark Carney stated that the rise in property prices could hamper the UK economy. This has put pressure on the company's share price in recent months. I suspect Mr Carney’s comments were aimed at cooling the property market not suppressing it, however, and the fall could lead to a buying opportunity for the stock.
Zoopla property group listed on the stock market last month. Since its flotation the share price has risen 10% while Rightmove has declined 1.2% in the same period.
The shares price has bounced off the £21 level a number of occasions, and a strong set of figures could put it on track to £23.48.