DA Davidson analyst Tom White kept his Buy rating and $28 price target on Redfin, saying his tracking of for-sale residential home listings across 26 markets over the past 10.5 weeks suggests that the company's pace of market share gains is accelerating. Given the current 1.4K listings in 26 markets - about 0.7% of all listed homes in the area - White calculates that Redfin's listing share has increased by 0.005% per day since May 2nd, which is up from 0.04% acceleration in the prior 10 weeks. The analyst believes that Redfin's market share gains will likely remain impressive, though the low for-sale inventory could keep the pressure on the company's revenue and EBITDA upside.

Bearish flow noted in Redfin with 5,561 puts trading, or 1.8x expected. Most active are Jan-26 5 puts and Jan-26 5 calls, with total volume in those strikes near 5,100 contracts. The Put/Call Ratio is 1.82, while ATM IV is up over 1 point on the day. Earnings are expected on May 2nd.