Zoltek Companies Inc. (NASDAQ: ZOLT) stock is down big this morning after the company posted a first-quarter profit of 8 cents per share, well below analysts' estimates of 24 cents per share. ZOLT's CEO blamed inventory buildup, which is probably due to the sagging economy. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on ZOLT.

After hitting a one-year high of $51.77 in August, the stock has hit a new one-year low today. This morning, ZOLT opened at $27.28. So far today the stock has hit a low of $26.16 and a high of $28.08. As of 11:15, ZOLT is trading at $27.64, down $4.99 (-15.3%). The chart for ZOLT looks bearish and steady.

For a bearish hedged play on this stock, I would consider a June bear-call credit spread above the $40 range. A bear-call credit spread is an options position that combines the purchase and sale of call options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. This particular trade will make a 6.4% return in four and a half months as long as ZOLT is below $40 at June expiration. Zoltek would have to rise by more than 42% before we would start to lose money.

ZOLT hasn't been above $40 since early January and has shown resistance around $35 recently. This trade could be risky if the stock bounces back from today's drop, but even if that happens, this position could be protected by resistance ZOLT might find at its 200 day moving average, which is currently around $40 and falling.

Brent Archer is an options analyst and writer at Investors Observer. At publication time, Brent neither owns nor controls positions in ZOLT.