Chewy put volume heavy and directionally bearish

Bearish flow noted in Chewy with 9,447 puts trading, or 1.1x expected. Most active are Apr-23 42.5 puts and Mar-23 32.5 puts, with total volume in those strikes near 2,500 contracts. The Put/Call Ratio is 2.96, while ATM IV is up over 1 point on the day. Earnings are expected on March 22nd.