With 4 days to expiration VistaPrint (VPRT) saw put activity that was 7x the normal activity expected. More than 5,300 puts hit the tape with focus on the June 40 strike where 4,999 puts have traded, exceeding the current open interest of 610 contracts. Shares have pulled back from it recent $45 high, after rocketing higher seeing resistance at the November 2007 highs. The MACD is also showing a divergence with the previous high not conforming this move higher. Citi recently downgraded (VPRT) due to valuation.

Even though the story seems bearish, all of the activity has taken place on the bid with orders hitting the tape as high as .65 cents early in the day. So this activity could be a case of sellers of premium looking to own shares below $40.