Chewy put volume heavy and directionally bearish

Bearish flow noted in Chewy with 8,315 puts trading, or 1.9x expected. Most active are Jan-23 25 puts and Dec-22 40 puts, with total volume in those strikes near 5,100 contracts. The Put/Call Ratio is 2.15, while ATM IV is up over 3 points on the day. Earnings are expected on March 28th.