EchoStar put volume heavy and directionally bearish

Bearish flow noted in EchoStar (SATS) with 8,220 puts trading, or 1.6x expected. Most active are Dec-25 2.5 (nonstd SATS1) puts and Jul-25 15 puts, with total volume in those strikes near 7,900 contracts. The Put/Call Ratio is 15.54, while ATM IV is up nearly 2 points on the day. Earnings are expected on February 27th.