Traders are cranking up their bets against Snap (SNAP)

Traders haven't been this bearish on Snap since the period immediately following its initial public offering.
The ratio of bearish put contracts on Snap's stock to bullish calls is 1.7-to-1, the highest since March 17, only the fifth day that Snap options were available to be traded.
After an initial shorting frenzy that pushed the ratio as high as 3-to-1, bearishness leveled off for a couple of months. But now that Snap has been drawing the ire of analysts across Wall Street because of concerns