DA Davidson analyst Tom White upgraded Redfin to Neutral with an unchanged price target of $16, saying his proprietary data suggest that the company's listing share trends are not only improving but "establishing new highs". The analyst notes that as of late April, Redfin's share of for-sale home listings has risen to 0.32% from 0.17% in early January and its 1% seller commission market share rose to 0.73% from 0.48%. The analyst also cites signs of recovery in the U.S. residential real estate market, with interest rates on the 30-year mortgage having declined to about 4% from 4.9% in October, adding that homebuyer sentiment and demand are set to improve with rates expected to remain low this year.

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.