Looking at the ULTA Beauty Options options chain ahead of earnings , I would buy the $480 strike price Puts with 2023-9-15 expiration date for about $28.90 premium. If the options turn out to be profitable Before the earnings release, I would sell at least 50%.
Looking forward to read your opinion about it.
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ULTA reached $417.60 today after the earnings, and the puts are now trading at $64.90, up from $28.90 when I wrote this article. That's a significant gain of 125%! Trade closed!