Options Market Statistics: Tesla Investors Were Encouraged by News of a Price Hike on the Model Y, Shares Up and Options Pop
News Highlights
$Tesla(TSLA.US$ shares rose by 6.25%, closing at $173.80. Its options trading volume was 1.96 million. Call contracts account for 57.4% of the total trading volume. The most traded calls are contracts of $175 strike price that expire on Mar 22nd. The total volume reaches 110,353 with an open interest of 43,953. The most traded puts are contracts of a $165 strike price that expires on Mar 22nd; the volume is 89,277 contracts with an open interest of 17,003.
Shares of Tesla were moving higher today after the leading electric vehicle (EV) maker surprised investors by announcing price hikes on its Model Y crossover vehicle over the weekend. The price increase bucks the recent trend in the EV industry, as prices have fallen due to increasing competition and plateauing demand from car buyers.
First, the company said on Friday that it would raise prices by $1,000 on all Model Y vehicles in the U.S. by April 1. Then on Saturday, it announced that it would raise prices in several European countries on the crossover SUV by 2,000 euros, or $2,177. The company had also raised the price in the U.S. of the Model Y rear-wheel drive and long-range trims by $1,000 on March 1.
CEO Elon Musk explained the move as a seasonal one, saying that consumer demand is seasonal, though manufacturing needs to be steady throughout the year. Car-buying tends to pick up in the spring in the U.S. as Americans receive their tax refunds.
$Warner Bros Discovery(WBD.US$ shares fell by 0.70%, closing at $8.48. Its options trading volume was 0.29 million. Call contracts account for 42.4% of the total trading volume. The most traded calls are contracts of $10 strike price that expire on Mar 28th. The total volume reaches 105,865 with an open interest of 107,813. The most traded puts are contracts of a $9 strike price that expires on Mar 28th; the volume is 144,120 contracts with an open interest of 148,843.
$SoFi Technologies(SOFI.US$ shares rose by 0.71%, closing at $7.08. Its options trading volume was 0.28 million. Call contracts account for 60.3% of the total trading volume. The most traded calls are contracts of $7 strike price that expire on Mar 22nd. The total volume reaches 23,409 with an open interest of 8,910. The most traded puts are contracts of a $6.5 strike price that expires on Mar 22nd; the volume is 34,438 contracts with an open interest of 69,509.
Unusual Stock Options Activity
Some notable call activity is being seen in $Valero Energy(VLO.US$, which is primarily being driven by activity on the June 21st call. Volume on this contract is 21,994 versus open interest of 120.
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Daily Active Index & Sector ETF Options
Source: Barchart, Unusual Whales, Barron's, The Motley Fool
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