IONQ put volume heavy and directionally bearish

Bearish flow noted in IONQ with 1,446 puts trading, or 4x expected. Most active are 8/2 weekly 8 puts and Jun-24 9 puts, with total volume in those strikes near 1,200 contracts. The Put/Call Ratio is 2.90, while ATM IV is up nearly 3 points on the day. Earnings are expected on August 8th.