Carvana put volume heavy and directionally bearish

Bearish flow noted in Carvana with 41,458 puts trading, or 2x expected. Most active are Apr-23 8 puts and 4/6 weekly 9.5 puts, with total volume in those strikes near 25,800 contracts. The Put/Call Ratio is 2.12, while ATM IV is up over 8 points on the day. Earnings are expected on April 19th.