Option traders moderately bearish in Pinduoduo (PDD), with shares down $3.88 near $105.14. Options volume running well above average with 63k contracts traded and calls leading puts for a put/call ratio of 0.62, compared to a typical level near 1.36. Implied volatility (IV30) is higher by 1.9 points near 29.65,in the lowest 10% of observations over the past year, suggesting an expected daily move of $1.96. Put-call skew steepened, indicating increased demand for downside protection.
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