NSP Cash-Secured Put Strategy

NSP (Insperity, Inc.), in the Industrials sector, (Staffing & Employment Services industry), listed on NYSE.

Insperity, Inc. (NSP) delivers comprehensive human resources and business solutions primarily designed to enhance the operational efficiency and performance of small and medium-sized enterprises. The company's core HR services are provided through its Workforce Optimization and Workforce Synchronization platforms. These encompass a broad spectrum of vital human resource functions, including payroll processing, employee benefits administration, workers' compensation management, adherence to government regulations, performance evaluation, and staff training and development programs. Additionally, Insperity offers Insperity Premier, a sophisticated cloud-native human capital management (HCM) platform. This platform facilitates professional employer organization (PEO) HR outsourcing, manages personnel records, addresses employer liability concerns, and caters to the specific needs of the middle market. Further expanding its service offerings, Insperity operates MarketPlace, an e-commerce portal featuring a diverse array of products and services, and Workforce Acceleration, which provides extensive human capital management and payroll services.

NSP (Insperity, Inc.) trades in the Industrials sector, specifically Staffing & Employment Services, with a market capitalization of approximately $1.58B, a beta of 0.61 versus the broader market, a 52-week range of 18.57-63.3, average daily share volume of 835K, a public-listing history dating back to 1997, approximately 306K full-time employees. These structural characteristics shape how NSP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.61 indicates NSP has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. NSP pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a cash-secured put on NSP?

A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.

Current NSP snapshot

As of June 30, 2026, spot at $41.25, ATM IV 72.30%, IV rank 40.37%, expected move 20.73%. The cash-secured put on NSP 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 cash-secured put structure on NSP specifically: NSP IV at 72.30% is mid-range versus its 1-year history, so the credit collected on a NSP cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 20.73% (roughly $8.55 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 NSP expiries trade a higher absolute premium for lower per-day decay. Position sizing on NSP should anchor to the underlying notional of $41.25 per share and to the trader's directional view on NSP stock.

NSP cash-secured put setup

The NSP cash-secured 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 NSP near $41.25, the first option leg uses a $39.19 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NSP 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 NSP shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$39.19N/A

NSP cash-secured 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 premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

NSP cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on NSP. 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 cash-secured put on NSP

Cash-secured puts on NSP earn premium while a trader waits to acquire NSP stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning NSP.

NSP thesis for this cash-secured put

The market-implied 1-standard-deviation range for NSP extends from approximately $32.70 on the downside to $49.80 on the upside. A NSP cash-secured put lets a trader earn premium while waiting to acquire NSP at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current NSP IV rank near 40.37% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on NSP should anchor more to the directional view and the expected-move geometry. As a Industrials name, NSP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NSP-specific events.

NSP cash-secured put positions are structurally neutral to slightly bullish; 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. NSP positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NSP alongside the broader basket even when NSP-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on NSP carry tail risk when realized volatility exceeds the implied move; review historical NSP earnings reactions and macro stress periods before sizing. Always rebuild the position from current NSP chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on NSP?
A cash-secured put on NSP is the cash-secured put strategy applied to NSP (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With NSP stock trading near $41.25, the strikes shown on this page are snapped to the nearest listed NSP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NSP cash-secured put max profit and max loss calculated?
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the NSP cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 72.30%), 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 NSP cash-secured put?
The breakeven for the NSP cash-secured 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 NSP market-implied 1-standard-deviation expected move is approximately 20.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a cash-secured put on NSP?
Cash-secured puts on NSP earn premium while a trader waits to acquire NSP stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning NSP.
How does current NSP implied volatility affect this cash-secured put?
NSP ATM IV is at 72.30% with IV rank near 40.37%, 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.

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