PennyMac Financial put volume heavy and directionally bearish

Bearish flow noted in PennyMac Financial with 3,777 puts trading, or 1.4x expected. Most active are Dec-22 45 puts and Nov-22 50 puts, with total volume in those strikes near 3,500 contracts. The Put/Call Ratio is 92.12, while ATM IV is up over 1 point on the day. Earnings are expected on February 2nd.