The volume of put options traded suggests that investors are either speculating that Nikola's stock will decline below the strike price of $2 by the expiration date, or they are hedging existing positions. Given that the trade was made at the bid and the stock reference price is significantly below the strike price, it indicates a lack of confidence in the stock's short-term performance. This could lead to a negative sentiment among investors and potentially drive the stock price down in the short term.