Put volume has picked up steam on OmniVision Technologies, Inc. (OVTI - 15.25) lately, as the stock extends its recent journey into new-low territory. Just yesterday, the semiconductor concern saw roughly 7,300 puts change hands -- more than double its average single-session put volume -- as OVTI fell to a new annual nadir of $15.06.

Digging deeper into the data, we find that the now near-the-money October 15 put was most popular, with around 6,100 contracts exchanged. Eighty-four percent of the puts crossed the tape at the ask price, and put open interest at the front-month strike jumped by close to 5,400 contracts overnight, pointing to buy-to-open activity. By purchasing the 15-strike puts to open, the buyers are betting on OVTI to continue its descent beneath the $15 level over the short term.

As alluded to earlier, though, yesterday's influx of bearish bets has become par for the course for OVTI. On the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security sports a 10-day put/call volume ratio of 0.65 -- in the 89th percentile of its annual range. In other words, options players have bought to open OVTI puts over calls at a much faster clip than usual during the past couple of weeks.

Echoing that sentiment, the equity's Schaeffer's put/call open interest ratio (SOIR) now stands at 0.64 -- in the 68th annual percentile. Or, simply put, short-term options traders are currently more put-heavy than usual on OVTI. In fact, peak put open interest in the front-month series is docked at the aforementioned 15 strike, with almost 7,900 contracts now in residence.