NRC Bear Put Spread Strategy
NRC (National Research Corporation), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NASDAQ.
National Research Corporation (NRC) empowers healthcare organizations across the United States and Canada with data-driven analytics and actionable insights to enhance both patient and employee experiences. Through a comprehensive suite of subscription-based solutions, NRC supplies crucial information and analysis, addressing vital aspects such as the overall patient journey, service recovery initiatives, effective transitions of care, health risk assessments, fostering employee engagement, and enhancing reputation management and brand loyalty. Beyond these, NRC provides market intelligence to help organizations understand brand awareness, public perception, and competitive positioning. They offer advanced segmentation tools to analyze community needs, wants, and behaviors in real-time. Specialized health risk assessment tools are available to help clients pinpoint and support high-risk populations, fostering preventative care strategies and wellness initiatives. Similarly, transition management solutions assist in identifying and managing at-risk patients during care changes, aiming to reduce readmissions and ensure smooth, satisfactory transitions.
NRC (National Research Corporation) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $469.0M, a trailing P/E of 50.21, a beta of 0.40 versus the broader market, a 52-week range of 11.014-22.79, average daily share volume of 116K, a public-listing history dating back to 2013, approximately 368 full-time employees. These structural characteristics shape how NRC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.40 indicates NRC has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 50.21 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. NRC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a bear put spread on NRC?
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 NRC snapshot
As of June 29, 2026, spot at $21.39, ATM IV 35.50%, IV rank 4.77%, expected move 10.18%. The bear put spread on NRC 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 18-day expiry.
Why this bear put spread structure on NRC specifically: NRC IV at 35.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a NRC bear put spread, with a market-implied 1-standard-deviation move of approximately 10.18% (roughly $2.18 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NRC expiries trade a higher absolute premium for lower per-day decay. Position sizing on NRC should anchor to the underlying notional of $21.39 per share and to the trader's directional view on NRC stock.
NRC bear put spread setup
The NRC 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 NRC near $21.39, the first option leg uses a $21.39 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NRC chain at a 18-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 NRC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $21.39 | N/A |
| Sell 1 | Put | $20.32 | N/A |
NRC 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.
NRC bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on NRC. 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 NRC
Bear put spreads on NRC reduce the cost of a bearish NRC stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
NRC thesis for this bear put spread
The market-implied 1-standard-deviation range for NRC extends from approximately $19.21 on the downside to $23.57 on the upside. A NRC bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on NRC, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current NRC IV rank near 4.77% 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 NRC at 35.50%. As a Healthcare name, NRC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NRC-specific events.
NRC 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. NRC positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NRC alongside the broader basket even when NRC-specific fundamentals are unchanged. Long-premium structures like a bear put spread on NRC 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 NRC chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on NRC?
- A bear put spread on NRC is the bear put spread strategy applied to NRC (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 NRC stock trading near $21.39, the strikes shown on this page are snapped to the nearest listed NRC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NRC 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 NRC bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 35.50%), 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 NRC bear put spread?
- The breakeven for the NRC 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 NRC market-implied 1-standard-deviation expected move is approximately 10.18%; 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 NRC?
- Bear put spreads on NRC reduce the cost of a bearish NRC 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 NRC implied volatility affect this bear put spread?
- NRC ATM IV is at 35.50% with IV rank near 4.77%, 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.