The shares of Big Lots, Inc. (NYSE: BIG) are down 2.1% at $46.53 ahead of the bell, following a bear note from Piper Sandler. The analyst cut its rating to "neutral" from "overweight," and slashed its price target to $50 from $60. Piper Sandler cited macro headwinds, including the tapering of fiscal stimulus, and higher ocean freight costs. 

The past couple of months have been a downward slump for Big Lots stock, and just a week ago BIG hit an eight-month low of $44.80 on Sept. 14. Pressure from the 40-day has kept a lid on shares since June, and while the security briefly toppled more immediate pressure at the 10-day moving average, the stock is trading well below this trendline once more. In the past six months, Big Lots stock has dropped nearly 33%. 

Analyst sentiment was tepid at best even before Piper Sandler's downgrade. Only one analyst recommended a "strong-buy" rating, while five said "hold," and two said "sell" or worse. 

Sentiment among options traders has echoed this. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), BIG sports a 50-day call/put volume ratio that stands higher than 92% of readings from the past year. This means long puts have rarely been more popular.

Now looks like an ideal time to get in of Big Lots stock's next move with options, though. The security's Schaeffer's Volatility Index (SVI) of 45% stands higher than 16% of readings from the past 12 months. This means options traders are pricing in relatively low volatility expectations at the moment.