Bearish flow noted in Hesai (HSAI) Group with 1,470 puts trading, or 2.0x expected. Most active are May-25 7.5 puts and May-25 12.5 puts, with total volume in those strikes near 1,000 contracts. The Put/Call Ratio is 6.74, while ATM IV is up over 4 points on the day. Earnings are expected on May 29th.
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