Sonos (SONO) is up 2.5% since we entered our trade and the put premium has fallen sharply. Let’s book fast profits with a triple-digit annualized rate of return and free up capital for new trades.
Current Stock Price: $22.50
Cash in Hand: $0.29
Action: Buy to close the SONO Jun Monthly (6/17) 20 Put
Current Option Price: $0.11-$0.12
Recommended Limit: Set your initial limit order at $0.12, but adjust as needed to close today
Profit: $0.17, or $17 per contract
Rate of Return: 0.9% in three days, or 103% on an annualized basis