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Lemonade put volume heavy and directionally bearish

Bearish flow noted in Lemonade (LMND) with 1,594 puts trading, or 1.6x expected. Most active are 1/30 weekly 85 puts and Feb-26 100 calls, with total volume in those strikes near 1,300 contracts. The Put/Call Ratio is 1.68, while ATM IV is up nearly 5 points on the day. Earnings are expected on February 19th.

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