Tesla, Inc. TSLA posted in-line earnings for its first quarter, but sales topped estimates. The company also reported a decrease in operating margins.
On CNBC’s "Options Action," Mike Khouw of Optimize Advisors, said Tesla was the most active single stock on Thursday.
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There were buyers of 54,572 of the April 28 weekly 160-puts at an average price of $3.21 per contract, Khouw mentioned.
The traders expects Tesla’s stock to continue to lose ground through the end of next week.
Other automakers, including, Lucid Group, Inc. LCID, NIO Inc. NIO, and Rivian Automotive, Inc. RIVN also traded lower on Thursday in sympathy with EV-competitor Tesla.
Price Action: Tesla shares dipped 9.7% to close at $162.99 on Thursday.
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