Puts Heat Up in Pier 1

Shares of Pier 1 Imports PIR are off 0.88% to $8.08 today; they are now flirting with the 50-day moving average with the possibility to sell off looking more and more likely. Traders are grabbing puts in the name as well today with put volume running at 11.70x the daily average. 87% of puts traded have been purchases on the offer. Pier 1 Imports is seeing the puts purchased in September and December across the $10, $7.50, and $5 strikes. Volume has exceeded open interest on every strike.