CLBT Bear Put Spread Strategy
CLBT (Cellebrite DI Ltd.), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.
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CLBT (Cellebrite DI Ltd.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $3.43B, a trailing P/E of 47.19, a beta of 1.17 versus the broader market, a 52-week range of 11.02-19.98, average daily share volume of 2.2M, a public-listing history dating back to 2020, approximately 1K full-time employees. These structural characteristics shape how CLBT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.17 places CLBT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 47.19 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a bear put spread on CLBT?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
Current CLBT snapshot
As of June 30, 2026, spot at $14.58, ATM IV 58.80%, IV rank 17.99%, expected move 16.86%. The bear put spread on CLBT below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.
Why this bear put spread structure on CLBT specifically: CLBT IV at 58.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a CLBT bear put spread, with a market-implied 1-standard-deviation move of approximately 16.86% (roughly $2.46 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CLBT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLBT should anchor to the underlying notional of $14.58 per share and to the trader's directional view on CLBT stock.
CLBT bear put spread setup
The CLBT bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CLBT near $14.58, the first option leg uses a $14.58 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLBT chain at a 17-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 CLBT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $14.58 | N/A |
| Sell 1 | Put | $13.85 | N/A |
CLBT bear put spread risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
CLBT bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on CLBT. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use bear put spread on CLBT
Bear put spreads on CLBT reduce the cost of a bearish CLBT stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
CLBT thesis for this bear put spread
The market-implied 1-standard-deviation range for CLBT extends from approximately $12.12 on the downside to $17.04 on the upside. A CLBT bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CLBT, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CLBT IV rank near 17.99% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on CLBT at 58.80%. As a Technology name, CLBT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLBT-specific events.
CLBT bear put spread positions are structurally moderately bearish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. CLBT positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLBT alongside the broader basket even when CLBT-specific fundamentals are unchanged. Long-premium structures like a bear put spread on CLBT are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current CLBT chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on CLBT?
- A bear put spread on CLBT is the bear put spread strategy applied to CLBT (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With CLBT stock trading near $14.58, the strikes shown on this page are snapped to the nearest listed CLBT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLBT bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the CLBT bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 58.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CLBT bear put spread?
- The breakeven for the CLBT bear put spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CLBT market-implied 1-standard-deviation expected move is approximately 16.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on CLBT?
- Bear put spreads on CLBT reduce the cost of a bearish CLBT stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current CLBT implied volatility affect this bear put spread?
- CLBT ATM IV is at 58.80% with IV rank near 17.99%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.