iQiyi put volume heavy and directionally bearish

Bearish flow noted in iQiyi with 10,742 puts trading, or 1.7x expected. Most active are Feb-23 4 puts and 1/27 weekly 6 calls, with total volume in those strikes near 10,800 contracts. The Put/Call Ratio is 4.93, while ATM IV is up over 1 point on the day. Earnings are expected on March 1st.