Miss Z's $82 Offering But Think It's A Steal At $55?

Looking back to 30 days ago, Zillow Inc (Z) priced a 5,023,486 share secondary stock offering at $82.00 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go up over the course of time and based on early trading on Wednesday, the stock is now 18.9% above the offering price.