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ZZillow Group, Inc. Class C Capital Stock

Options Analysis Report•SERVICES-BUSINESS SERVICES, NEC
Market Cap $8.0B|NASDAQ
● 2026-08-31$35.66
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -56.4%YTD -45.9%7D -3.8%
1,242
30D
±13.6%
36%

Z Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.0VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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Z Gamma Walls

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Value

Is IV priced right?

5.6
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 79.8% — elevated vs history

<1.05x

IV/HV 0.96x — IV ≤ HV

Sector Relative≤50%

Sector percentile 75% — above sector median

<1.1x

Front/Back 0.84x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 54.4% — normal range

<80%

Effective IV 72.1% (ATM 54.4% + spread 8.9% + bias) — fair

<3.0%

Total drag 12.37% (spread 8.87% + slippage 3.50%) — high friction

≥5.0

Vega efficiency 5.74 (vega 5.090 / spread 8.87%) — acceptable

Sentiment

Bullish or bearish?

4.7
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -29%, Raw: -30%)
|net sentiment| ≥25%

Conviction-weighted: -29% (bearish) — Raw: -30%

≥15%

|OI skew| 28.3% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +1.0%, OI skew +28.3% — weak (same direction)

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -27%, ATM: -37%, OTM: -30% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 65% — bearish vs sector

Activity

Unusual activity?

3.6
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.4x avg — normal

≥15%

Vol/OI 1.8% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +8.7% (5d) — building

Sector Relative≥60%

Sector activity percentile 53% — neutral vs sector

≥30%

Large trade volume 8% — mostly retail

≥60%

Aggressive execution 30% — patient

≥30

Conviction -29 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.9
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks4/8 checks passed
≤5.0%

Spread 8.9% — wide

≥10,000

OI 68,520 — deep

≥500

Volume 1,242/day — adequate

≤$0.50

$0.44 to cross — cheap

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 89% — much wider than sector

≥100 contracts

Depth 375.70000000000005 contracts (bid:143.4 ask:232.3) — adequate

<1.0%

Avg slippage 3.50% — poor

Timing

Is now a good time?

7.4
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -15.5% — contango

<30 or >70

IV percentile 80% — seller opportunity

≥10pts kink

IV kink -4.8pts — no clear event

<0.5 or >2.0

θ/ν ratio 171.39 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -29% @ 65% consistency — moderate (bearish)

≥40 composite score

Score 38 (ITM 20% + inst 8%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls5.3
bullishIV fair, mixed flow
Long Puts5.5
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV fair, mixed flow
Covered Call5.1
bearishIV fair, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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