XPeng put volume heavy and directionally bearish

Bearish flow noted in XPeng (XPEV) with 5,550 puts trading, or 1.5x expected. Most active are Jul-25 6 puts and 5/9 weekly 22 calls, with total volume in those strikes near 5,700 contracts. The Put/Call Ratio is 1.83, while ATM IV is up over 1 point on the day. Earnings are expected on May 21st.