XPeng put volume heavy and directionally bearish

Bearish flow noted in XPeng (XPEV) with 16,091 puts trading, or 1.7x expected. Most active are Apr-25 15 puts and Apr-25 16.5 puts, with total volume in those strikes near 5,000 contracts. The Put/Call Ratio is 1.53, while ATM IV is up over 10 points on the day. Earnings are expected on May 20th.

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