CMPR Butterfly Strategy
CMPR (Cimpress plc), in the Communication Services sector, (Advertising Agencies industry), listed on NASDAQ.
Cimpress plc provides various mass customization of printing and related products in North America, Europe, and internationally. The company operates through five segments: Vistaprint, PrintBrothers, The Print Group, National Pen, and All Other Businesses. It offers printed and digital marketing products; internet-based canvas-print wall décor, business signage, and other printed products; business cards; and marketing materials, such as flyers and postcards, digital and marketing services, writing instruments, decorated apparel, promotional products and gifts, packaging, design services, textiles, and magazines and catalogs. The company also manufactures and markets custom writing instruments and promotional products, apparels, and gifts; and provides professional desktop publishing skill sets for local printers, print resellers, graphic artists, advertising agencies, and other customers. In addition, it offers graphic design services, do-it-yourself (DIY) design services, website services, and corporate solutions under the VistaPrint, VistaCreate, 99designs by Vista, Vista Corporate Solutions, and Vista x Wix brand names; and online printing solutions. Further, the company provides promotional and packaging products, logo apparel, books and magazines, wall decors, photo merchandise, invitations and announcements, and other categories; and website design and hosting, and email marketing services, as well as order referral and other third-party offerings.
CMPR (Cimpress plc) trades in the Communication Services sector, specifically Advertising Agencies, with a market capitalization of approximately $2.16B, a trailing P/E of 47.60, a beta of 1.79 versus the broader market, a 52-week range of 41.88-96, average daily share volume of 129K, a public-listing history dating back to 2005, approximately 15K full-time employees. These structural characteristics shape how CMPR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.79 indicates CMPR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 47.60 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 butterfly on CMPR?
A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.
Current CMPR snapshot
As of May 15, 2026, spot at $93.70, ATM IV 44.30%, IV rank 2.33%, expected move 12.70%. The butterfly on CMPR 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 154-day expiry.
Why this butterfly structure on CMPR specifically: CMPR IV at 44.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a CMPR butterfly, with a market-implied 1-standard-deviation move of approximately 12.70% (roughly $11.90 on the underlying). The 154-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CMPR expiries trade a higher absolute premium for lower per-day decay. Position sizing on CMPR should anchor to the underlying notional of $93.70 per share and to the trader's directional view on CMPR stock.
CMPR butterfly setup
The CMPR butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CMPR near $93.70, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CMPR chain at a 154-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 CMPR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $90.00 | $13.75 |
| Sell 2 | Call | $95.00 | $11.20 |
| Buy 1 | Call | $100.00 | $8.90 |
CMPR butterfly risk and reward
- Net Premium / Debit
- -$25.00
- Max Profit (per contract)
- $463.25
- Max Loss (per contract)
- -$25.00
- Breakeven(s)
- $90.04, $99.75
- Risk / Reward Ratio
- 18.530
Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.
CMPR butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CMPR. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$25.00 |
| $20.73 | -77.9% | -$25.00 |
| $41.44 | -55.8% | -$25.00 |
| $62.16 | -33.7% | -$25.00 |
| $82.88 | -11.6% | -$25.00 |
| $103.59 | +10.6% | -$25.00 |
| $124.31 | +32.7% | -$25.00 |
| $145.03 | +54.8% | -$25.00 |
| $165.74 | +76.9% | -$25.00 |
| $186.46 | +99.0% | -$25.00 |
When traders use butterfly on CMPR
Butterflies on CMPR are pinning bets - traders use them when they expect CMPR to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
CMPR thesis for this butterfly
The market-implied 1-standard-deviation range for CMPR extends from approximately $81.80 on the downside to $105.60 on the upside. A CMPR long call butterfly is a pinning play: it pays maximum at the middle strike if CMPR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CMPR IV rank near 2.33% 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 CMPR at 44.30%. As a Communication Services name, CMPR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CMPR-specific events.
CMPR butterfly positions are structurally neutral / pin (limited-risk, limited-reward); 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. CMPR positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CMPR alongside the broader basket even when CMPR-specific fundamentals are unchanged. Always rebuild the position from current CMPR chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CMPR?
- A butterfly on CMPR is the butterfly strategy applied to CMPR (stock). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With CMPR stock trading near $93.70, the strikes shown on this page are snapped to the nearest listed CMPR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CMPR butterfly max profit and max loss calculated?
- Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the CMPR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 44.30%), the computed maximum profit is $463.25 per contract and the computed maximum loss is -$25.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CMPR butterfly?
- The breakeven for the CMPR butterfly priced on this page is roughly $90.04 and $99.75 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 CMPR market-implied 1-standard-deviation expected move is approximately 12.70%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CMPR?
- Butterflies on CMPR are pinning bets - traders use them when they expect CMPR to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
- How does current CMPR implied volatility affect this butterfly?
- CMPR ATM IV is at 44.30% with IV rank near 2.33%, 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.