The premium on our Rivian Automotive (RIVN) put has fallen below our target exit price. Let’s close it now, booking our second winning trade in a row on the electric pickup manufacturer in less than two weeks.
Current Stock Price: $25.69
Cash in Hand: $0.28
Action: Buy to close the RIVN 28 Jul 22 Put
Recommended Limit: Set your initial limit order at $0.08, but adjust as needed to close today
Profit: $0.20, or $20 per contract
Rate of Return: 0.9% in six days