Navient traders think a drop may be coming.

optionMONSTER's market scanner shows that 8,000 January 2018 7.50 puts were purchased for $0.15 at the same second on Friday. This is clearly a new position, as open interest in the strike was only 722 contracts before the trade appeared.

Long puts lock in the price where a stock can be sold, so they make money if shares decline. Investors use them to hedge long positions or to speculate on a drop. (See our Education section)

NAVI rose 0.23 percent to $13.12 on Friday and is up 37 percent in the last three months. The next quarterly report is estimated for after the close on July 19.

Overall option volume was 15 times greater than average. Puts outnumbered calls by a bearish 131-to-1 ratio.

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