Penguin Solutions, Inc. (PENG) Volatility Skew
Implied volatility skew shows how IV varies across strike prices for a given expiration. Steeper skews indicate higher demand for downside protection relative to upside speculation.
Penguin Solutions, Inc. (PENG) operates in the Technology sector, specifically the Hardware, Equipment & Parts industry, with a market capitalization near $2.54B, listed on NASDAQ, employing roughly 2,700 people, carrying a beta of 2.65 to the broader market. Penguin Solutions, Inc. Led by Kash Shaikh, public since 2017-05-24.
Snapshot as of May 15, 2026.
- Spot Price
- $47.41
- ATM IV
- 101.8%
- IV Skew 25Δ
- -0.156
- IV Rank
- 63.0%
- IV Percentile
- 94.4%
- Term Structure Slope
- 0.042
As of May 15, 2026, Penguin Solutions, Inc. (PENG) at-the-money implied volatility is 101.8%. IV rank is 63.0% (where 0% is the 52-week low and 100% is the 52-week high). IV percentile is 94.4%. The 25-delta skew is -0.156: puts carry meaningful premium over calls, a classic equity downside-protection skew. High IV rank typically favors premium-selling strategies; low IV rank favors premium-buying.
PENG Strategy Selection at Current Volatility Levels
For Penguin Solutions, Inc. options at 101.8% ATM IV, mid-range IV rank (63.0%) is the regime where directional conviction matters more than vol-regime positioning; strategy choice should follow the event calendar and the dealer-positioning view rather than IV rank alone. The 25-delta skew is meaningfully put-skewed, so put-credit spreads capture more premium for the same width than call-credit spreads. Pair the vol-rank read with the dealer-gamma view and the upcoming-events calendar to confirm the strategy fits both the structural regime and the path-dependent risk. The variance risk premium - the persistent gap between implied and subsequently realized vol - is positive in equity markets on average; high IV rank typically reflects a stretch where the premium is wider than usual.
Learn how volatility skew is reported and how to read the data →
PENG highest implied-volatility contracts
| Type | Strike | Expiration | Volume | OI | IV | Bid | Ask |
|---|---|---|---|---|---|---|---|
| CALL | $75.00 | Jun 18, 2026 | 714 | 185 | 124.2% | $1.10 | $1.30 |
| PUT | $25.00 | Jan 15, 2027 | 3.1K | 4.0K | 98.5% | $2.85 | $3.20 |
| CALL | $65.00 | Jun 18, 2026 | 1.6K | 4.1K | 118.3% | $2.00 | $2.10 |
Top 3 contracts from the ORATS-sourced nightly scan; ranked by iv within the broader S&P 500/400/600 + ETF universe.
Frequently asked PENG volatility skew questions
- What is the current PENG ATM implied volatility?
- As of May 15, 2026, Penguin Solutions, Inc. (PENG) at-the-money implied volatility is 101.8%. IV rank is 63.0% on a 0-100% scale anchored to the 1-year IV range. ATM IV is the volatility input that makes a Black-Scholes-equivalent model reproduce the listed at-the-money option prices.
- Is PENG IV high or low historically?
- IV is near its 1-year median, a regime where strategy choice depends on directional conviction and event calendar rather than vol regime.
- What does PENG volatility skew tell options traders?
- Volatility skew is the pattern by which IV varies across strikes for a given expiration. Penguin Solutions, Inc. carries the typical equity downside-protection skew: 25-delta puts price meaningfully richer than 25-delta calls. Skew matters for risk-defined strategy selection: when downside puts are rich, put-credit spreads capture more premium; when upside calls are rich, call-credit spreads or covered-call writes harvest more.