NVDAcontentAD

Tesla Stock Moves Lower After Profit Miss

Options traders are chiming in on the results

Digital Content Manager
Jul 24, 2024 at 10:18 AM
facebook X logo linkedin


Tesla Inc (NASDAQ:TSLA) stock is down 11.3% to trade at $218.49 at last glance, after the electric vehicle (EV) name announced a second-quarter earnings miss, with revenue seeing a 7% year-over-year drop in June despite beating expectations. In response, CFRA cut its rating to "hold" from "buy" and issued a price-target cut to $240 from $250, with two other firms lowered their price objectives as well.

TSLA is gapping below its 20-day moving average for the first time since mid-June, after its latest run higher ran into a ceiling at the $270 level. The shares are today pacing for their worst single-day percentage drop since January, and now carry an 11.3% deficit for 2024.

Options traders are also responding to the quarterly results, with 508,000 calls and 483,000 puts traded so far today. The most popular contract is the weekly 7/26 200-strike put, where positions are being opened.

Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Tesla stock's 50-day call/put volume ratio of 1.59 sits higher than all but 5% of readings from the last year. This suggests calls have been getting picked up at a much faster-than-usual clip.

 

 

Same-Day Trading Power: +227% YTD and Counting  — Get in for $10!

We're celebrating 44 years of helping traders win, and you can now tap into one of our most explosive services — Dynamite Day Trading Signals — for just $10.

This service was built for one thing: capturing intraday gains with precision. 

Access two highly-vetted options trades each week -  Complete with defined entries, exits, and a clear plan for same-day profits.

👉 Click Here to Learn More and Position Yourself to Take Action When the Next Alert Hits.

 

futupic

 
 
 
 

Follow us on X, Follow us on Twitter