Upstart Holdings put volume heavy and directionally bearish

Bearish flow noted in Upstart Holdings with 22,360 puts trading, or 2x expected. Most active are Mar-23 11 puts and Mar-23 10 puts, with total volume in those strikes near 7,100 contracts. The Put/Call Ratio is 3.45, while ATM IV is up over 14 points on the day. Earnings are expected on May 8th.