Twilio put volume heavy and directionally bearish

Bearish flow noted in Twilio (TWLO) with 2,057 puts trading, or 1.6x expected. Most active are Jan-26 60 puts and Apr-25 90 puts, with total volume in those strikes near 840 contracts. The Put/Call Ratio is 2.06, while ATM IV is up nearly 7 points on the day. Earnings are expected on May 6th.

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