Can someone help understand what just happened with Upstart Holdings? The stock price dropped $61 to $48 on Monday. I know that earnings will be announced tonight, and large price fluctuations ahead of earnings are not that surprising. But then I see that a $789.49K block of Put contracts was sold on Monday afternoon, with a strike price of $63.00 and an expiration date of August 18, 2023.
https://www.nasdaq.com/articles/unusual-put-option-trade-in-upstart-holdings-upst-worth-$789.49k
I don't know what to think. How do you interpret the sale of such a large amount of ITM puts?
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