SSTK Collar Strategy
SSTK (Shutterstock, Inc.), in the Communication Services sector, (Internet Content & Information industry), listed on NYSE.
Shutterstock, Inc. provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects in HD and 4K formats that are integrated into websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage. It also provides 3 dimensional models consisting of 3D models used in various industries, such as advertising, media and video production, gaming, retail, education, design, and architecture; and generative AI content comprising images generated from algorithms trained with ethically sourced content. In addition, the company operates a collection of graphics interchange format visuals and stickers that supplies casual conversational content. It offers its services under the Shutterstock, Envato, Pond5, TurboSquid, PicMonkey, PremiumBeat, Splash News, and Bigstock brand names. The company serves corporate professionals and organizations, media and broadcast companies, and small and medium-sized businesses, and individual creators through digital, live sales, services, and client management channels.
SSTK (Shutterstock, Inc.) trades in the Communication Services sector, specifically Internet Content & Information, with a market capitalization of approximately $521.7M, a beta of 1.07 versus the broader market, a 52-week range of 12.69-29.5, average daily share volume of 424K, a public-listing history dating back to 2012, approximately 2K full-time employees. These structural characteristics shape how SSTK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.07 places SSTK roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SSTK pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on SSTK?
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 SSTK snapshot
As of June 30, 2026, spot at $14.03, ATM IV 140.70%, IV rank 65.36%, expected move 40.34%. The collar on SSTK 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 SSTK specifically: IV regime affects collar pricing on both sides; mid-range SSTK IV at 140.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 40.34% (roughly $5.66 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 SSTK expiries trade a higher absolute premium for lower per-day decay. Position sizing on SSTK should anchor to the underlying notional of $14.03 per share and to the trader's directional view on SSTK stock.
SSTK collar setup
The SSTK 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 SSTK near $14.03, the first option leg uses a $14.73 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SSTK 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 SSTK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $14.03 | long |
| Sell 1 | Call | $14.73 | N/A |
| Buy 1 | Put | $13.33 | N/A |
SSTK 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.
SSTK collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on SSTK. 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 SSTK
Collars on SSTK hedge an existing long SSTK 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.
SSTK thesis for this collar
The market-implied 1-standard-deviation range for SSTK extends from approximately $8.37 on the downside to $19.69 on the upside. A SSTK collar hedges an existing long SSTK 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 SSTK IV rank near 65.36% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on SSTK should anchor more to the directional view and the expected-move geometry. As a Communication Services name, SSTK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SSTK-specific events.
SSTK 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. SSTK positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SSTK alongside the broader basket even when SSTK-specific fundamentals are unchanged. Always rebuild the position from current SSTK chain quotes before placing a trade.
Frequently asked questions
- What is a collar on SSTK?
- A collar on SSTK is the collar strategy applied to SSTK (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 SSTK stock trading near $14.03, the strikes shown on this page are snapped to the nearest listed SSTK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SSTK 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 SSTK collar priced from the end-of-day chain at a 30-day expiry (ATM IV 140.70%), 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 SSTK collar?
- The breakeven for the SSTK 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 SSTK market-implied 1-standard-deviation expected move is approximately 40.34%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on SSTK?
- Collars on SSTK hedge an existing long SSTK 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 SSTK implied volatility affect this collar?
- SSTK ATM IV is at 140.70% with IV rank near 65.36%, 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.