Zillow put volume heavy and directionally bearish

Bearish flow noted in Zillow with 12,861 puts trading, or 2x expected. Most active are Aug-23 35 puts and May-23 35 puts, with total volume in those strikes near 6,300 contracts. The Put/Call Ratio is 3.37, while ATM IV is up nearly 2 points on the day. Earnings are expected on May 4th.