NEW YORK (TheStreet) --Avon Products(AVP) - Get Report has been in a death spiral for a long time, and the bears are looking for another leg lower.

OptionMonster's Depth Charge system on Thursday detected the purchase of 24,600 Weekly 8 puts expiring on May 1 for 51 cents. An equal number of April 8 puts was sold at the same time for an average premium of 12.5 cents, but volume was below open interest in that strike. This suggests that an existing bearish position was rolled forward in time.

Puts lock in the price where investors can sell a stock, so they appreciate in value when shares decline. They can also swap money between contracts to maximize downside exposure, as was the case here.

Thursday's trade is apparently targeting the next earnings report, estimated for late this month, as OptionMonster co-founder Jon "DRJ" Najarian said in discussing the strategy on CNBC's "Fast Money" program Thursday night.

Avon shares fell 1.59% to $8.05 yesterday and have lost more than 40% of their value since mid-2014. The cosmetics company has declined in five of the last seven years despite the broader bull market.

Poor management and eroding market share have been the main culprits for the decline. The company has also been unable to get above its 50-day moving average, which some technicians may view bearishly.

Total option volume in the name was 18 times greater than average, with puts outnumbering calls by 42 to 1.

-- Written by AVP for OptionMonster