MRAM Long Put Strategy

MRAM (Everspin Technologies, Inc.), in the Technology sector, (Semiconductors industry), listed on NASDAQ.

Everspin Technologies, Inc. manufactures and sells magnetoresistive random access memory (MRAM) products in the United States, Hong Kong, Japan, China, Canada, and internationally. It offers Toggle MRAM, spin-transfer torque MRAM, and tunnel magneto resistance sensor products, as well as foundry services for embedded MRAM. The company provides its products for applications, including data center, industrial, medical, automotive/transportation, and aerospace markets. It serves original equipment manufacturers and original design manufacturers through a direct sales channel and a network of representatives and distributors. Everspin Technologies, Inc. was incorporated in 2008 and is headquartered in Chandler, Arizona.

MRAM (Everspin Technologies, Inc.) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $972.1M, a trailing P/E of 3,377.80, a beta of 0.94 versus the broader market, a 52-week range of 5.49-51.5, average daily share volume of 1.5M, a public-listing history dating back to 2016, approximately 86 full-time employees. These structural characteristics shape how MRAM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.94 places MRAM roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 3,377.80 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 long put on MRAM?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

Current MRAM snapshot

As of May 15, 2026, spot at $37.44, ATM IV 144.20%, IV rank 47.70%, expected move 41.34%. The long put on MRAM 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 long put structure on MRAM specifically: MRAM IV at 144.20% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 41.34% (roughly $15.48 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 MRAM expiries trade a higher absolute premium for lower per-day decay. Position sizing on MRAM should anchor to the underlying notional of $37.44 per share and to the trader's directional view on MRAM stock.

MRAM long put setup

The MRAM long put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MRAM near $37.44, the first option leg uses a $37.44 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MRAM 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 MRAM shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Buy 1Put$37.44N/A

MRAM long put 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 strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

MRAM long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on MRAM. 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 long put on MRAM

Long puts on MRAM hedge an existing long MRAM stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying MRAM exposure being hedged.

MRAM thesis for this long put

The market-implied 1-standard-deviation range for MRAM extends from approximately $21.96 on the downside to $52.92 on the upside. A MRAM long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long MRAM position with one put per 100 shares held. Current MRAM IV rank near 47.70% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on MRAM should anchor more to the directional view and the expected-move geometry. As a Technology name, MRAM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MRAM-specific events.

MRAM long put positions are structurally 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. MRAM positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MRAM alongside the broader basket even when MRAM-specific fundamentals are unchanged. Long-premium structures like a long put on MRAM 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 MRAM chain quotes before placing a trade.

Frequently asked questions

What is a long put on MRAM?
A long put on MRAM is the long put strategy applied to MRAM (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With MRAM stock trading near $37.44, the strikes shown on this page are snapped to the nearest listed MRAM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are MRAM long put max profit and max loss calculated?
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the MRAM long put priced from the end-of-day chain at a 30-day expiry (ATM IV 144.20%), 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 MRAM long put?
The breakeven for the MRAM long put 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 MRAM market-implied 1-standard-deviation expected move is approximately 41.34%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on MRAM?
Long puts on MRAM hedge an existing long MRAM stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying MRAM exposure being hedged.
How does current MRAM implied volatility affect this long put?
MRAM ATM IV is at 144.20% with IV rank near 47.70%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

Related MRAM analysis