IONQ put volume heavy and directionally bearish

Bearish flow noted in IONQ with 34,405 puts trading, or 1.5x expected. Most active are Oct-26 40 puts and 7/10 weekly 40 puts, with total volume in those strikes near 17,700 contracts. The Put/Call Ratio is 1.55, while ATM IV is up over 2 points on the day. Earnings are expected on August 5th.