Chewy put volume heavy and directionally bearish

Bearish flow noted in Chewy with 10,269 puts trading, or 2x expected. Most active are Mar-23 50 puts and 2/10 weekly 48 puts, with total volume in those strikes near 5,600 contracts. The Put/Call Ratio is 4.26, while ATM IV is up nearly 3 points on the day. Earnings are expected on March 28th.