Tesla Options Traders See EV Stock Dropping By This Much In The Week Ahead

Tesla Inc TSLA CEO Elon Musk sold nearly $3.6 billion worth of shares in the electric vehicle maker on Wednesday,  according to a Securities and Exchange Commission filing.

On CNBC’s "Options Action," Kevin Kelly of Kelly Intelligence said Tesla traded at 1.4x more puts than calls.

Don’t forget to check out our premarket coverage here.

There was a buyer of 3,880 of the December 23 140-puts at an average price of $1.22 per contract, Kelly mentioned.

The trader bet that the Tesla’s stock will decline another 11% by next Friday.

TSLA Price Action: Shares of Tesla dropped 2.6% to close at $156.80 in regular trading session on Wednesday, but added 0.1% in after-hours trading.

Read more: Pfizer, Novartis Are Among Overbought Healthcare Stocks: Are They Worth A Look?

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