XPeng put volume heavy and directionally bearish

Bearish flow noted in XPeng (XPEV) with 19,828 puts trading, or 4x expected. Most active are Jul-25 19 puts and Apr-25 20 puts, with total volume in those strikes near 16,600 contracts. The Put/Call Ratio is 3.23, while ATM IV is up nearly 3 points on the day. Earnings are expected on May 20th.