Could Dropbox Make A Comeback?

Shares of Dropbox Inc DBX have lost close to 7% over the past week and have declined by more than 20% in the span of a month.

On CNBC's "Options Action," Mike Khouw of Optimize Advisors said there was “well over” six times the average daily call volume on Tuesday.

“Calls outpaced puts by 5:1,” he added.

The most active were the December 26 calls, with buyers of 13,900 traded for an average price of 51 cents. Traders are betting that Dropbox’s shares could rise above $26 or an increase of over 8% in three weeks from Friday, Khouw said.