PHUN Long Put Strategy
PHUN (Phunware, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Phunware, Inc., together with its subsidiaries, offers integrated software platform that equips companies with the products, solutions, and services to engage, manage, and monetize their mobile application portfolios in the United States and internationally. The company's products and services include cloud-based mobile software that licenses in software development kits (SDKs) form utilized inside mobile applications, such as analytics that provides data related to application use and engagement; content management that allows application administrators to create and manage app content in a cloud-based portal; alerts, notifications, and messaging; marketing automation that enables location-triggered messages and workflow; advertising; and location-based services that include mapping, navigation, wayfinding, workflow, asset management, and policy enforcement. It also engages the integration of its SDK licenses into existing applications maintained by its customers, as well as custom application development and support services; provision of cloud-based vertical solutions for healthcare, retail, sports, aviation, real estate, hospitality, education, and other applications; offering application transactions, including re-occurring and one-time transactional media purchases for application discovery, user acquisition and audience building, audience engagement, and audience monetization; and pre-packaged and custom high-end personal computer systems for gaming, streaming, and cryptocurrency mining enthusiasts. The company was founded in 2009 and is headquartered in Austin, Texas.
PHUN (Phunware, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $43.0M, a beta of 2.70 versus the broader market, a 52-week range of 1.56-3.88, average daily share volume of 139K, a public-listing history dating back to 2016, approximately 29 full-time employees. These structural characteristics shape how PHUN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.70 indicates PHUN has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a long put on PHUN?
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 PHUN snapshot
As of May 15, 2026, spot at $2.09, ATM IV 137.00%, IV rank 46.08%, expected move 39.28%. The long put on PHUN 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 PHUN specifically: PHUN IV at 137.00% 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 39.28% (roughly $0.82 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 PHUN expiries trade a higher absolute premium for lower per-day decay. Position sizing on PHUN should anchor to the underlying notional of $2.09 per share and to the trader's directional view on PHUN stock.
PHUN long put setup
The PHUN 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 PHUN near $2.09, the first option leg uses a $2.09 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PHUN 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 PHUN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $2.09 | N/A |
PHUN 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.
PHUN long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put on PHUN. 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 PHUN
Long puts on PHUN hedge an existing long PHUN stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying PHUN exposure being hedged.
PHUN thesis for this long put
The market-implied 1-standard-deviation range for PHUN extends from approximately $1.27 on the downside to $2.91 on the upside. A PHUN long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long PHUN position with one put per 100 shares held. Current PHUN IV rank near 46.08% is mid-range against its 1-year distribution, so the IV signal is neutral; the long put thesis on PHUN should anchor more to the directional view and the expected-move geometry. As a Technology name, PHUN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PHUN-specific events.
PHUN 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. PHUN positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PHUN alongside the broader basket even when PHUN-specific fundamentals are unchanged. Long-premium structures like a long put on PHUN 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 PHUN chain quotes before placing a trade.
Frequently asked questions
- What is a long put on PHUN?
- A long put on PHUN is the long put strategy applied to PHUN (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 PHUN stock trading near $2.09, the strikes shown on this page are snapped to the nearest listed PHUN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PHUN 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 PHUN long put priced from the end-of-day chain at a 30-day expiry (ATM IV 137.00%), 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 PHUN long put?
- The breakeven for the PHUN 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 PHUN market-implied 1-standard-deviation expected move is approximately 39.28%; 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 PHUN?
- Long puts on PHUN hedge an existing long PHUN stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying PHUN exposure being hedged.
- How does current PHUN implied volatility affect this long put?
- PHUN ATM IV is at 137.00% with IV rank near 46.08%, 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.