Topgolf Callaway Brands Corp put volume heavy and directionally bearish

Bearish flow noted in Topgolf Callaway Brands Corp with 1,754 puts trading, or 3x expected. Most active are Mar-26 15 puts and Mar-26 12.5 puts, with total volume in those strikes near 1,700 contracts. The Put/Call Ratio is 36.54, while ATM IV is up nearly 5 points on the day. Earnings are expected on February 23rd.