Trader bets on another 20 percent plunge for Facebook 

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Options traders place bearish bets on Facebook

Facebook is feeling the heat.

Shares of the social media giant slid nearly 2 percent Wednesday afternoon, adding to its more than 25 percent fall just this year as increasing regulatory and data privacy concerns weigh on the stock. According to "Options Action " trader Mike Khouw, the options market is betting the sell-off is far from over.

"There hasn't really been a turnaround in sentiment," Khouw said Tuesday on CNBC's "Fast Money. " "The options market [doesn't] really see a bounce back for Facebook coming anytime soon."

On Tuesday, Khouw highlighted a buyer of 1,000 June 105 put options paying $3.22 per contract. This implies shares of Facebook fall below $101.78, or down another 23 percent, by June expiration.

"We have seen implied volatility hold up in this name," Khouw explained. "So that would be a bet that the weakness in Facebook could continue and it could be sharply lower in about 6 months' time."

Shares of Facebook fell to a fresh 52-week low of $126.85 last Tuesday and is now down more than 39 percent from its all-time closing high of $412.50 back in July.

Facebook was trading lower on Wednesday afternoon, around $132.56.

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