🚨FIG | Figma Earnings on Deck | Long Call or Bull Put Spread Options Strategy?
Hey traders 👋, it’s almost time for $Figma Inc (FIG.US)$ earnings on Sept 3 after the bell. The stock’s hanging around $70, and analysts are mostly cautious with a consensus leaning toward hold ratings as valuations are steep (242x forward earnings) and it’s still a young public company. though a couple of analysts rate it a buy.
Right now, Figma’s at $70.28, and analysts who are bullish have targets starting at $82, $84, and $85. That’s about a +17–21% upside from current levels.
If you’re in the camp that Figma could surprise to the upside—maybe thanks to strong AI-driven growth and sticky users—here are two option ideas I look at using the Sept 5, 2025 expiration (nearest earnings). Assume enter on Sept 2.
🟦 Long Call
How I picked it: For single-leg plays, I usually stick with the strike closest to ATM that also has the lowest IV. Looking at the chain now, the $72 strike has the lowest and still-near ATM implied volatility (~132.74%), so that’s the one I’d lean toward.
🧾 Options Expiration: September 5
🧠SETUP
💰 Max Profit: ~Unlimited
⚠️ Max Loss: ~$302.50 per contract
🎯 Breakeven: ~ $75.03
🟦 Bull Put Spread
How I picked it: I also like looking at bull put spreads here, since IV crush usually kicks in after earnings. With IV this high, I’d lean toward a spread that benefits from the drop in volatility while still keeping a bullish directional bias.
From the option chain, I usually go with the highest IV strike that’s not too close to ATM—this helps lower the chance of the short put finishing ITM. Right now, the $68 strike (134.85% IV) fits that bill. To hedge, I’d pair it with the $67 strike, which also happens to have one of the lower IVs.
You might ask: why not short the $69 put with 141.16% IV?The reason is liquidity. The $69 put has a $0.75 bid-ask spread ($2.95 × $3.70), which makes fills unreliable and costly. By comparison, the $68 put is much tighter at just $0.20 wide ($2.15 × $2.35), so execution is far cleaner.
🧾 Options Expiration: August 15
🧠SETUP
💰 Max Profit: ~$45 per contract
⚠️ Max Loss: ~$55 per contract
🎯 Breakeven: ~ $67.55
📌 Conclusion
So that’s my quick take—between the two, the bull put spread feels a bit more attractive to me right now since it benefits from IV crush and gives some room if FIG doesn’t explode higher. But the long call keeps it simple if you want pure upside exposure.
👉 What about you? Would you go for the single-leg call or the spread?
Drop your thoughts below ⬇️
Happy trading this week!
Disclaimer: This is for tracking my trades and strategies for personal review. Not investment advice — always do your own research and ensure it fits your risk tolerance.
#OptionsTrading #EarningsPlay #FIG #Figma #BullishSetup #TradingStrategy #StockMarket #OptionsStrategy
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Options Hunter
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