Shares of Robinhood Markets Inc (NASDAQ:HOOD) Tuesday tanked close to 6%, erasing the gains made after the company announced extended trading hours.

On CNBC's "Options Action," Mike Khouw of Optimize Advisors said that Robinhood is always one of the busiest single-stock options.

Calls outpaced puts by more than 2:1. on Tuesday, he added.

Check out other stocks making big moves in the premarket.

There were buyers of 15,300 of the April 8 weekly 14 calls for an average price of 18 cents per contract, Khouw mentioned. The buyers of these contracts are betting that the stock rises at least another 8% by Friday, he added.