Airbnb put volume heavy and directionally bearish

Bearish flow noted in Airbnb (ABNB) with 11,143 puts trading, or 3x expected. Most active are 7/11 weekly 133 puts and 7/25 weekly 123 puts, with total volume in those strikes near 8,300 contracts. The Put/Call Ratio is 3.52, while ATM IV is up nearly 2 points on the day. Earnings are expected on August 6th.