TripAdvisor put volume heavy and directionally bearish

Bearish flow noted in TripAdvisor with 10,445 puts trading, or 3x expected. Most active are Mar-23 22 puts and Feb-23 22.5 puts, with total volume in those strikes near 2,900 contracts. The Put/Call Ratio is 1.84, while ATM IV is up nearly 2 points on the day. Earnings are expected on May 3rd.