Option traders moderately bearish in Pinduoduo (PDD), with shares down 8c near $102.72. Options volume roughly in line with average with 73k contracts traded and puts leading calls for a put/call ratio of 5.66, compared to a typical level near 1.01. Implied volatility (IV30) is higher by 0.6 points near 34.34,in the lowest 10% of observations over the past year, suggesting an expected daily move of $2.22. Put-call skew steepened, indicating increased demand for downside protection.
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