Wolfspeed put volume heavy and directionally bearish

Bearish flow noted in Wolfspeed with 3,458 puts trading, or 5x expected. Most active are Jul-24 22.5 puts and Jun-24 25 puts, with total volume in those strikes near 2,500 contracts. The Put/Call Ratio is 2.13, while ATM IV is up nearly 3 points on the day. Earnings are expected on August 21st.