The Tesla (TSLA) $350 call options expiring June 6, 2025 are experiencing exceptional trading activity. Total daily volume reached 67,786 contracts compared to an open interest of just 16,996. This implies an impressive volume-to-open interest ratio of approximately 4:1. This unusually high ratio indicates significant new positioning rather than existing holders trading out of positions.
The three notable sweep transactions show substantial premium commitments totaling over $815,000 at prices ranging from $8.91 to $9.00 per contract. With Tesla’s stock price hovering around $352 at the time of execution, these calls are trading near-the-money with just three days until expiration. The timing and size of these transactions, particularly being large sweep orders, suggest either aggressive speculation on Tesla’s short-term price movement or potential hedging activity ahead of the Friday expiration.
Volume and Open Interest Data
The data for the TSLA $350 Call expiring June 6, 2025, shows a sharp rise in trading activity over recent days. On June 3rd, volume spiked to 78,965 contracts, while open interest (OI) surged to 16,996, a notable increase of 6,242 contracts from the previous day. This builds on already strong activity from June 2nd, where volume hit 59,135 contracts with a +4,133 OI change. Prior to this, on May 30th, volume was considerably lower at 28,227 while OI slightly decreased by 118 contracts.
This steep increase in both volume and OI, particularly over the last two trading sessions, confirms that these are new bullish positions being initiated, not just traders closing out existing ones. The V/OI ratio remains elevated, reinforcing the aggressive build-up of short-term bullish bets. Additionally, the contract price rebounded from a low of $5.75 on June 2nd to $9.27 on June 3rd. Given a simultaneous drop in IV over the same period, such a price increase can be attributed to an increase in TSLA share price.
Trade Side Distribution
The trade side distribution for the TSLA $350 Call expiring June 6, 2025, reveals a strong bullish bias among market participants. Nearly half of the total traded premium—$4 million or 49%—was executed above the ask price. This skew signals highly aggressive buying behavior that suggests urgency and conviction. An additional 6% ($459K) was executed right at the ask, reinforcing that buyers were willing to pay premium prices to secure contracts.
In contrast, only 13% ($1 million) of the volume was executed at the bid, and 20% ($1.6 million) below the bid. This typically reflects selling pressure or less bullish activity. The remaining 12% ($982.1K) took place at mid-market prices, likely reflecting negotiated or neutral trades.
Overall, the overwhelming skew toward trades occurring above the ask underscores heavy bullish sentiment. These orders were likely executed by institutional players building short-term positions ahead of a potential catalyst. This data aligns with earlier volume and open interest surges and supports the thesis that traders are positioning for a near-term breakout in TSLA.
What’s Happening with TSLA
Tesla (TSLA) is navigating a complex landscape as it enters June 2025. The company is preparing to launch a limited robotaxi service in Austin, Texas, on June 12th, featuring autonomous Model Y vehicles. While this initiative has generated investor enthusiasm, analysts advise caution regarding the initial rollout’s scale and impact.
Concurrently, Tesla faces challenges in its core automotive business. Sales have declined significantly in key markets, with a 49% drop in Europe in April 2025 compared to the previous year. This downturn is attributed to increased competition from Chinese automakers and backlash against CEO Elon Musk’s political activities. Musk’s recent departure from his role in the Trump administration’s Department of Government Efficiency signals a renewed focus on Tesla, a move welcomed by investors.
About TSLA
Tesla, Inc. is an American multinational company headquartered in Austin, Texas, specializing in electric vehicles, battery energy storage solutions, and solar energy products. Founded in 2003, Tesla designs, manufactures, and sells battery electric vehicles ranging from sedans and SUVs to trucks. They also manufacture stationary battery systems for homes and businesses, and solar panels and solar roof tiles.
The company is recognized as a pioneer in the electric vehicle market. They are known for their focus on innovation, sustainability, and advanced technologies like autopilot and full self-driving features. In addition to automotive products, Tesla is expanding its energy division with large-scale battery storage systems known as Megapacks, aiming to accelerate the global transition to renewable energy.
Analyst Ratings
| Analyst | Rating | Updated |
|---|---|---|
| CFRA | ★★★ (3 stars) | 05/25/2025 |
| Market Edge | Long | 05/14/2025 |
| Argus | Buy | 04/24/2025 |
| Morningstar | ★★ (2 stars) | 05/29/2025 |
| LSEG | Underperform | 05/29/2025 |
| Schwab Equity Ratings | F | 05/30/2025 |
The analyst ratings for TSLA reflect a mixed sentiment across major research firms. Some institutions, such as Market Edge, Argus, and CFRA, lean bullish, with ratings like “Long,” “Buy,” and “★★★.”However, others are more cautious: Morningstar gives just two stars, while LSEG issues an “Underperform” and Schwab Equity Ratings gives TSLA a failing “F.”
This divergence suggests a divided outlook, with optimism from some analysts on Tesla’s long-term prospects (especially amid autonomous and AI developments), but skepticism from others, likely due to recent sales declines and macroeconomic pressures.
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