Trader bets Tesla could plunge nearly 60% by August (via optionsaction)
Tesla is skidding into its earnings report on Wednesday with a more than 20% loss on the year, and the options market is expecting an even bigger move for the electric automaker.
As far as which direction the stock could head, Nathan noted that bearish bets on Tuesday outpaced bullish bets by about 50%. As Nathan explained, this is a phenomenally bearish bet that stands to net this trader about $21 million if Tesla plummets all the way down to that $110 price. Of course, to max out the profits on this trade, the trader is targeting a 58% drop in Tesla's share price between now and August."[Tesla] has been bouncing off this level of support a couple of times over the past year and a half or so. The thing is, there is a lot of tension down at that $260 level," said Nathan.
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