Bearish flow noted in Zillow (Z) with 3,440 puts trading, or 1.1x expected. Most active are Mar-25 67.5 puts and Aug-25 60 puts, with total volume in those strikes near 1,800 contracts. The Put/Call Ratio is 4.93, while ATM IV is up nearly 2 points on the day. Earnings are expected on May 7th.
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