Below we highlight a list of S&P 500 stocks with the highest ratio of open put interest to open call interest. Companies with high put option open interest compared to call option open interest have more bearish than bullish bets. It's similar to a company with high short interest, and some investors view this as bullish or bearish. Investors who view a high ratio as bullish tend to think that the negativity is already priced into the stock, meaning upside potential is greater than downside potential. Investors who view a high ratio as bearish tend to think that it means the smart money is betting against the stock, indicating that more downside is to come. Typically during market rallies, stocks with high ratios will outperform, while they will go down faster than the market during declines.
For those interested, we also list the S&P 500 stocks with the lowest open interest put to call ratio.