Tesla Stock Powers Down After Investor Day

Year-to-date, TSLA has added more than 64%

Deputy Editor
Mar 2, 2023 at 8:59 AM
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Shares of electric vehicle (EV) maker Tesla Inc (NASDAQ:TSLA) are 7.9% lower in premarket trading, following the company's 2023 investor day presentation in Austin, TX.

Tesla CEO Elon Musk shared his "Master Plan 3" during the four-hour presentation, revealing plans to cut assembly costs in half, invest in a new plant in Mexico, and discussing innovative management strategies. However, the EV giant's leaders failed to deliver a timeline or updates about new products, which is weighing on the shares this morning.

Tesla stock opened the year at its lowest level since August 2020 but recovered swiftly over the ensuing weeks, and now boasts a 64.6% year-to-date lead. Longer term, however, TSLA sports a 12-month deficit of 29.6%, with pressure from its 160-day moving average cutting a mid-February rally short.

Calls have been more popular than usual over the last 10 weeks. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 50-day call/put volume ratio of 1.28 ranks higher than 100% of annual readings. 

Now may be a great time to weigh in on TSLA with options. This is per the security's Schaeffer's Volatility Scorecard (SVS), which sits at a 97 out of 100, suggesting Tesla stock has exceeded option traders' volatility expectations during the past year. 

 

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