Shares of Robinhood Markets Inc (NASDAQ:HOOD) tanked 7.21% to close Thursday’s trading at $13.51.

On CNBC's "Options Action," Mike Khouw of Optimize Advisors said the stock traded more than 1.7 times its average daily options volumes on Thursday.

“Although calls did outpace puts, bearish bets actually outpaced bullish ones,” he added.

Check out other stocks making big moves in the premarket.

The single-biggest trade was a buyer of 3,324 of the April 13 weekly puts for an average price of 52 cents per contract, Khouw mentioned. Buyers of such puts are betting that the stock will decline below $13 by April expiration, he added.