SPOK Bear Put Spread Strategy
SPOK (Spok Holdings, Inc.), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NASDAQ.
Spok Holdings, Inc., through its subsidiary, Spok, Inc., provides healthcare communication solutions in the United States, Europe, Canada, Australia, Asia, and the Middle East. It delivers clinical information to care teams when and where it matters to enhance patient outcomes. The company offers subscriptions to one-way or two-way messaging services; and ancillary services, such as voicemail, and equipment loss or maintenance protection services, as well as sells devices to resellers who lease or resell them to their subscribers. Its Spok Care Connect platform enhance workflows for clinicians and support administrative compliance. In addition, the company provides professional, software license updates, and product support services, as well as sells third-party equipment. It serves businesses, professionals, management personnel, medical personnel, field sales personnel and service forces, members of the construction industry and construction trades, real estate brokers and developers, sales and services organizations, specialty trade organizations, manufacturing organizations, and government agencies.
SPOK (Spok Holdings, Inc.) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $228.5M, a trailing P/E of 17.93, a beta of 0.43 versus the broader market, a 52-week range of 9.95-19.31, average daily share volume of 187K, a public-listing history dating back to 2004, approximately 418 full-time employees. These structural characteristics shape how SPOK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.43 indicates SPOK has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. SPOK 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 SPOK?
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 SPOK snapshot
As of May 15, 2026, spot at $10.89, ATM IV 73.50%, IV rank 25.05%, expected move 21.07%. The bear put spread on SPOK 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 bear put spread structure on SPOK specifically: SPOK IV at 73.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a SPOK bear put spread, with a market-implied 1-standard-deviation move of approximately 21.07% (roughly $2.29 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 SPOK expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPOK should anchor to the underlying notional of $10.89 per share and to the trader's directional view on SPOK stock.
SPOK bear put spread setup
The SPOK 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 SPOK near $10.89, the first option leg uses a $10.89 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPOK 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 SPOK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $10.89 | N/A |
| Sell 1 | Put | $10.35 | N/A |
SPOK 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.
SPOK bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on SPOK. 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 SPOK
Bear put spreads on SPOK reduce the cost of a bearish SPOK stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
SPOK thesis for this bear put spread
The market-implied 1-standard-deviation range for SPOK extends from approximately $8.60 on the downside to $13.18 on the upside. A SPOK bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on SPOK, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current SPOK IV rank near 25.05% 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 SPOK at 73.50%. As a Healthcare name, SPOK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPOK-specific events.
SPOK 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. SPOK positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SPOK alongside the broader basket even when SPOK-specific fundamentals are unchanged. Long-premium structures like a bear put spread on SPOK 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 SPOK chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on SPOK?
- A bear put spread on SPOK is the bear put spread strategy applied to SPOK (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 SPOK stock trading near $10.89, the strikes shown on this page are snapped to the nearest listed SPOK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SPOK 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 SPOK bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 73.50%), 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 SPOK bear put spread?
- The breakeven for the SPOK 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 SPOK market-implied 1-standard-deviation expected move is approximately 21.07%; 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 SPOK?
- Bear put spreads on SPOK reduce the cost of a bearish SPOK 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 SPOK implied volatility affect this bear put spread?
- SPOK ATM IV is at 73.50% with IV rank near 25.05%, 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.