How one trader cashed in on Alibaba ahead of Singles Day

Options Action: Bearish bets on Alibaba
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Facebook's bad week

Growth concerns have options traders doubting the outlook for Alibaba, China's flagship e-commerce giant.

Despite shattering records for the e-commerce giant's annual Singles Day shopping extravaganza, shares of Alibaba were down 2 percent on Friday and had fallen 3 percent in the previous two sessions. One trader was able to cash in on the sell-off.

On Thursday, someone bought 2,000 of the same weekly 97-puts for $3.60. By Friday morning, those puts were worth more than $5 per contract, meaning that trader made a cool $320,000 in 24 hours.

"Obviously, those who were following the stock probably observed that it was trading relatively weak, so they didn't digest what otherwise looked like an impressive growth number very well," Optimize Advisors strategist Mike Khouw said Thursday on CNBC's "Fast Money."

Alibaba is up 14 percent this year, but has been struggling to make highs since the summer.

The Nov. 11 Singles Day is the world's biggest shopping event, with sales drawing even Black Friday and Cyber Monday in the United States.