Toast Inc put volume heavy and directionally bearish

Bearish flow noted in Toast Inc with 3,356 puts trading, or 1.6x expected. Most active are Sep-23 16 puts and Sep-23 13 puts, with total volume in those strikes near 2,400 contracts. The Put/Call Ratio is 1.52, while ATM IV is up over 2 points on the day. Earnings are expected on May 11th.