Option traders moderately bearish in Shopify (SHOP), with shares down $7.71 near $118.49. Options volume relatively light with 26k contracts traded and calls leading puts for a put/call ratio of 0.85, compared to a typical level near 0.81. Implied volatility (IV30) is higher by 7.5 points near 62.52,and above the 52wk median, suggesting an expected daily move of $4.67. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Buy at Truist.
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