Option traders moderately bearish in Reddit Inc with shares down 1.63%

Option traders moderately bearish in Reddit Inc (RDDT), with shares down $3.90 near $236.09. Options volume relatively light with 38k contracts traded and calls leading puts for a put/call ratio of 0.54, compared to a typical level near 0.85. Implied volatility (IV30) is higher by 0.1 points near 63.08,in the bottom quartile of the past year, suggesting an expected daily move of $9.38. Put-call skew steepened, indicating increased demand for downside protection.