NSP Collar 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 collar on NSP?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
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 collar 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 collar structure on NSP specifically: IV regime affects collar pricing on both sides; mid-range NSP IV at 72.30% typically pushes the short call premium to roughly offset the long put cost, 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 collar setup
The NSP collar 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 $43.31 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).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $41.25 | long |
| Sell 1 | Call | $43.31 | N/A |
| Buy 1 | Put | $39.19 | N/A |
NSP collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
NSP collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on NSP
Collars on NSP hedge an existing long NSP stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
NSP thesis for this collar
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 collar hedges an existing long NSP position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current NSP IV rank near 40.37% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current NSP chain quotes before placing a trade.
Frequently asked questions
- What is a collar on NSP?
- A collar on NSP is the collar strategy applied to NSP (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the NSP collar 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 collar?
- The breakeven for the NSP collar 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 collar on NSP?
- Collars on NSP hedge an existing long NSP stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current NSP implied volatility affect this collar?
- 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.