Lemonade put volume heavy and directionally bearish

Bearish flow noted in Lemonade with 4,346 puts trading, or 4x expected. Most active are Mar-23 17 puts and Dec-22 16.5 calls, with total volume in those strikes near 3,200 contracts. The Put/Call Ratio is 3.41, while ATM IV is up over 1 point on the day. Earnings are expected on February 22nd.