Intrinsic value. Strike price - Current Share Price of underlying stock = intrinsic value. Extrinsic value is the time value or premium you pay on top of it. So since the stock is currently trading at 329.40, you subtract that from your put strike price @ 340
340-329.40 = ~10.60 + time value of a dollar or so most likely.
And that's just the OPEN price. If this dips 6 more dollars you're looking at a 100 bagger.
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