Option traders moderately bearish in Pinduoduo with shares down 1.64%

Option traders moderately bearish in Pinduoduo (PDD), with shares down $1.65 near $99.26. Options volume relatively light with 21k contracts traded and calls leading puts for a put/call ratio of 0.91, compared to a typical level near 0.95. Implied volatility (IV30) is higher by 0.2 points near 36.02,and below the 52wk median, suggesting an expected daily move of $2.25. Put-call skew steepened, indicating increased demand for downside protection.