Puts Purchased in Royal Caribbean

Royal Caribbean (NYSE: RCL) has enjoyed a monster breakout since late February, jumping from $25.45 to its current price of $31.49 during that period. One trader seems to be betting that the stock will make another significant move, though they are not sure which way it may run.

I am detecting 20,000 June $27 puts purchased on the offer for $1.05 for a short while ago, but, while this normally would be a simple bearish bet or bearish hedge, it seems plausible that this may be part of a delta-neutral trade. There was a large amount of stock volume in Royal Carribean following this trade, somewhere around 100-120k shares traded; given the delta of that put option, there was more than enough volume to make the trade neutral.

Given the run up in the stock, I would be carful in the name and believe it certainly could retract a few dollars to the downside at any point and time.