Brinker International, Inc. (Symbol: EAT) initiated trading for new options with an August 2027 expiration on [Date]. The newly introduced contracts include a put at a $240.00 strike price with a current bid of $43.00, offering an effective cost basis of $197.00 per share for investors. The current stock price is $241.88, reflecting a discount of approximately 1% at the put strike. The odds of the put contract expiring worthless are estimated at 61%, which would yield a 17.92% return on cash committed.
Additionally, a call contract at a $250.00 strike price is available, with a bid of $43.50. Selling this covered call while purchasing shares at the current price would drive a total return of 21.34% if executed by the August 2027 expiration. The likelihood of this contract expiring worthless stands at 42%, potentially adding a further 17.98% boost to the investor’s return.
The implied volatility for the put and call contracts is 51% and 52%, respectively, while the trailing twelve-month volatility is calculated at 49%.
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