KLTR Butterfly Strategy
KLTR (Kaltura, Inc.), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.
Kaltura, Inc. provides various Software-as-a-Service products and solutions and a Platform-as-a-Service. The company offers video products, such as webinars, virtual events, video sites, and virtual classrooms for video-based communication, collaboration, training, and customer experience; and video industry solutions, such as learning management system video and lecture capture solutions for educational institutions. It also provides a TV solution that allows to provide OTT advertising and subscription-based live and on-demand TV services for media companies and telecom operators. In addition, the company offers media services, such as APIs, SDKs, and experience components, including live, real-time, and on-demand video creation, ingestion, transcoding, management, search, security, distribution, publishing, engagement, monetization, monitoring, multi-tenancy, and analytics, as well as video and TV content management systems. It serves a range of industries, including financial services, high technology, healthcare, education, public sector, media, and telecommunications. The company was incorporated in 2006 and is headquartered in New York, New York.
KLTR (Kaltura, Inc.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $218.0M, a beta of 1.12 versus the broader market, a 52-week range of 1.055-2.275, average daily share volume of 717K, a public-listing history dating back to 2021, approximately 563 full-time employees. These structural characteristics shape how KLTR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.12 places KLTR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a butterfly on KLTR?
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 KLTR snapshot
As of May 15, 2026, spot at $1.46, ATM IV 141.40%, IV rank 25.68%, expected move 40.54%. The butterfly on KLTR 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 34-day expiry.
Why this butterfly structure on KLTR specifically: KLTR IV at 141.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a KLTR butterfly, with a market-implied 1-standard-deviation move of approximately 40.54% (roughly $0.59 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated KLTR expiries trade a higher absolute premium for lower per-day decay. Position sizing on KLTR should anchor to the underlying notional of $1.46 per share and to the trader's directional view on KLTR stock.
KLTR butterfly setup
The KLTR 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 KLTR near $1.46, the first option leg uses a $1.39 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KLTR chain at a 34-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 KLTR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $1.39 | N/A |
| Sell 2 | Call | $1.46 | N/A |
| Buy 1 | Call | $1.53 | N/A |
KLTR butterfly 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 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.
KLTR butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on KLTR. 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 butterfly on KLTR
Butterflies on KLTR are pinning bets - traders use them when they expect KLTR 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.
KLTR thesis for this butterfly
The market-implied 1-standard-deviation range for KLTR extends from approximately $0.87 on the downside to $2.05 on the upside. A KLTR long call butterfly is a pinning play: it pays maximum at the middle strike if KLTR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current KLTR IV rank near 25.68% 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 KLTR at 141.40%. As a Technology name, KLTR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KLTR-specific events.
KLTR 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. KLTR positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move KLTR alongside the broader basket even when KLTR-specific fundamentals are unchanged. Always rebuild the position from current KLTR chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on KLTR?
- A butterfly on KLTR is the butterfly strategy applied to KLTR (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 KLTR stock trading near $1.46, the strikes shown on this page are snapped to the nearest listed KLTR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are KLTR 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 KLTR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 141.40%), 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 KLTR butterfly?
- The breakeven for the KLTR butterfly 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 KLTR market-implied 1-standard-deviation expected move is approximately 40.54%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on KLTR?
- Butterflies on KLTR are pinning bets - traders use them when they expect KLTR 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 KLTR implied volatility affect this butterfly?
- KLTR ATM IV is at 141.40% with IV rank near 25.68%, 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.