Coupang put volume heavy and directionally bearish

Bearish flow noted in Coupang (CPNG) with 6,858 puts trading, or 4x expected. Most active are Sep-25 18 puts and Sep-25 19 puts, with total volume in those strikes near 4,600 contracts. The Put/Call Ratio is 1.67, while ATM IV is up nearly 2 points on the day. Earnings are expected on May 6th.