ACM Research put volume heavy and directionally bearish

Bearish flow noted in ACM Research (ACMR) with 2,245 puts trading, or 2x expected. Most active are Mar-25 23 puts and May-25 30 calls, with total volume in those strikes near 2,000 contracts. The Put/Call Ratio is 2.60, while ATM IV is up over 4 points on the day. Earnings are expected on May 8th.