Coupang put volume heavy and directionally bearish

Bearish flow noted in Coupang with 6,077 puts trading, or 9x expected. Most active are 4/6 weekly 15.5 puts and Apr-23 15 puts, with total volume in those strikes near 5,000 contracts. The Put/Call Ratio is 5.10, while ATM IV is up nearly 5 points on the day. Earnings are expected on May 10th.