CINCINNATI-- (BUSINESS WIRE) -- Garmin Ltd. (NASDAQ: GRMN) has garnered quite a bit of attention in the options pits lately, after search heavyweight Google (NASDAQ: GOOG) announced plans to enter the GPS arena. On Thursday, the navigation issue saw roughly 6,600 puts and almost 9,000 calls cross the tape, more than doubling its average daily volume of fewer than 3,100 puts and 3,600 calls.

Digging deeper into the data, it appears that option players on both sides of the Street were placing bets on GRMN's long-term prospects. On the put side, the deep-out-of-the-money April 20 strike attracted the most attention, with about 4,500 contracts changing hands. One hundred percent of the puts traded at the ask price, indicating they were purchased. In other words, some option players are betting on a significant drop in GRMN's share price over the long term.

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