Option traders moderately bearish in Pinduoduo (PDD), with shares down $3.12 near $112.16. Options volume relatively light with 36k contracts traded and calls leading puts for a put/call ratio of 0.76, compared to a typical level near 0.99. Implied volatility (IV30) is higher by 1.4 points near 28.31,in the lowest 10% of observations over the past year, suggesting an expected daily move of $2.00. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Neutral at Arete.
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