Stellantis NV put volume heavy and directionally bearish

Bearish flow noted in Stellantis (STLA) NV with 17,206 puts trading, or 4x expected. Most active are Mar-25 11 puts and Jun-25 12 puts, with total volume in those strikes near 12,500 contracts. The Put/Call Ratio is 6.80, while ATM IV is up nearly 4 points on the day. Earnings are expected on July 24th.