Bearish flow noted in Hesai (HSAI) Group with 12,123 puts trading, or 20x expected. Most active are Mar-25 20 puts and Apr-25 22.5 puts, with total volume in those strikes near 6,400 contracts. The Put/Call Ratio is 7.12, while ATM IV is up over 29 points on the day. Earnings are expected on May 29th.
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