Bearish flow noted in E.l.f. Beauty with 10,658 puts trading, or 3x expected. Most active are Mar-24 162.5 puts and 2/23 weekly 185 calls, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 1.54, while ATM IV is up nearly 2 points on the day. Earnings are expected on May 22nd.
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