Align Technology Inc (Symbol: ALGN) has new options available for August 1st expiration. A notable put contract at the $180.00 strike price offers a current bid of $8.40, effectively allowing investors to purchase shares at a cost basis of $171.60, compared to the current trading price of $182.22. This put represents approximately a 1% discount to the current price, with a 58% chance of expiring worthless.
On the call side, there’s a call contract at the $185.00 strike price with a current bid of $9.00. If investors buy shares at $182.22 and sell that call as a covered call, they could see a total return of 6.46% if exercised. The $185.00 strike represents roughly a 2% premium above the current price, and there is a 48% chance of this contract expiring worthless. Implied volatility for the put is 52%, and for the call, it’s 50%.
