Dropbox put volume heavy and directionally bearish

Bearish flow noted in Dropbox with 1,796 puts trading, or 1.3x expected. Most active are Aug-24 22.5 puts and Jan-26 15 puts, with total volume in those strikes near 1,600 contracts. The Put/Call Ratio is 9.55, while ATM IV is up nearly 26 points on the day. Earnings are expected on November 7th.