XP Inc put volume heavy and directionally bearish

Bearish flow noted in XP Inc with 22,601 puts trading, or 20x expected. Most active are Nov-23 20.5 puts and Nov-23 21 puts, with total volume in those strikes near 22,300 contracts. The Put/Call Ratio is 90.40, while ATM IV is up over 1 point on the day. Earnings are expected on November 13th.