IAC Update
January 19, 2023
Good news, bad news: Having risen almost 18% since the start of the year, IAC has risen well beyond our $45 short Put strike price, so we are going to let the contract expire and pocket the ~$255 in option premium per contract that we received at initiation.
This officially closes this trade recommendation, the third in Ultra’s short history that we’ve closed for a 100% profit.
But the stock went from unloved to media darling in a very short span of time, and we know that market volatility hasn’t subsided and that IAC will eventually return to being out of favor at some point. We will be watching it closely and will issue another trade alert as soon as the opportunity presents itself.
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