Tesla Unusual Options Activity For November 07

Investors with a lot of money to spend have taken a bearish stance on Tesla TSLA.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with TSLA, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 66 uncommon options trades for Tesla.

This isn't normal.

The overall sentiment of these big-money traders is split between 33% bullish and 39%, bearish.

Out of all of the special options we uncovered, 15 are puts, for a total amount of $586,002, and 51 are calls, for a total amount of $4,321,827.

Expected Price Movements

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $230.0 to $300.0 for Tesla during the past quarter.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Tesla options trades today is 11532.84 with a total volume of 123,218.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Tesla's big money trades within a strike price range of $230.0 to $300.0 over the last 30 days.

Tesla Call and Put Volume: 30-Day Overview

Biggest Options Spotted:

About Tesla

Tesla is a vertically integrated battery electric vehicle automaker and developer of autonomous driving software. The company has multiple vehicles in its fleet, which include luxury and midsize sedans, crossover SUVs, a light truck, and a semi truck. Tesla also plans to begin selling more affordable vehicles, a sports car, and a robotaxi. Global deliveries in 2023 were a little over 1.8 million vehicles. The company sells batteries for stationary storage for residential and commercial properties including utilities and solar panels and solar roofs for energy generation. Tesla also owns a fast-charging network.

Having examined the options trading patterns of Tesla, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Current Position of Tesla

• With a trading volume of 5,129,266, the price of TSLA is up by 0.38%, reaching $289.64.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 76 days from now.

What Analysts Are Saying About Tesla

5 market experts have recently issued ratings for this stock, with a consensus target price of $197.8.

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20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * An analyst from Cantor Fitzgerald downgraded its action to Neutral with a price target of $245. * Reflecting concerns, an analyst from HSBC lowers its rating to Reduce with a new price target of $124. * An analyst from Cantor Fitzgerald persists with their Neutral rating on Tesla, maintaining a target price of $255. * Consistent in their evaluation, an analyst from JP Morgan keeps a Underweight rating on Tesla with a target price of $135. * Reflecting concerns, an analyst from Goldman Sachs lowers its rating to Neutral with a new price target of $230.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Tesla, Benzinga Pro gives you real-time options trades alerts.