A notable bearish bet on Tesla (TSLA) hit the tape today. The trade involved a $360 strike put expiring on July 3, 2025. With a spot price of $332.79 at execution, the put is in-the-money, indicating a hedge or directional downside play. The buyer purchased 614 contracts at a premium of $31.47 each, totaling approximately $1.9 million—a significant capital commitment.
The trade type is labeled a Sweep, implying urgency and potential institutional activity, as the order was likely executed across multiple exchanges to ensure speed. The trade volume is 716 contracts, while the open interest (OI) stands at 2,144, producing a Volume/Open Interest (V/OI) ratio of ~0.33. This elevated ratio suggests heightened trading activity compared to existing positions, potentially indicating new positioning rather than just rotation. With just over a week until expiration, this short-dated put shows conviction and signals an immediate bearish thesis to play out.
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The TSLA $360 Put expiring July 3, 2025 has seen a notable surge in trading activity over the past few days. On June 23rd, volume spiked to 2,247 contracts, dwarfing the existing open interest of 1,300. This suggests the establishment of fresh positions rather than closing old ones. This high V/OI ratio (~1.73) typically reflects strong directional conviction—likely bearish given the nature of the put.
Following this surge, open interest jumped by +782 contracts on June 24th, and again by +62 contracts on June 25th, reaching a total OI of 2,144. Meanwhile, contract prices rose steadily from $21.99 to $39.07. This strongly indicates increasing demand and possibly a move in TSLA’s spot price in favor of the put position. Implied volatility (IV) also increased from 61.64% to 65.46%, supporting the idea that market participants expect greater downside movement or uncertainty ahead.
More Notable Options Trades Observed
Another notable bearish TSLA put was detected today, only with a longer dated expiry and lower strike. Specifically, the put option trade has a strike of $300 and is expiring on October 17, 2025—approximately 3.5 months away. The buyer executed a Sweep order, indicating urgency and potentially institutional activity, acquiring 531 contracts at a price of $28.74 per contract.
With TSLA trading at $324.01 at the time of execution, the put is in-the-money, and the total premium paid was $1.5 million. This signals high conviction in potential downside movement. The trade volume for the day was 685 contracts, against an existing open interest (OI) of 4,745, giving a V/OI ratio of ~0.14. While not extreme, this still shows a noticeable uptick in trading activity. The combination of longer-dated maturity, deep in-the-money strike, and sizable premium suggests a protective hedge or a medium-term bearish position by a sophisticated market participant.
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Tesla shares declined by nearly 5% today, driven by a significant drop in European sales and ongoing reputational challenges linked to CEO Elon Musk’s political activities. In May 2025, Tesla’s vehicle registrations in the European Union fell for the fifth consecutive month, plummeting 27.9% year-over-year, despite a 27.2% surge in overall electric vehicle (EV) sales across the region. This decline starkly contrasts with the broader market’s growth, highlighting Tesla’s struggles in maintaining its European market share, which dropped to 1.2% from 1.8% the previous year.
Several factors contribute to this downturn. Musk’s prior involvement with the Trump administration’s Department of Government Efficiency has led to lasting brand damage in Europe, resulting in protests and vandalism targeting Tesla. Additionally, Musk’s public support for Germany’s far-right Alternative for Germany (AfD) party has further alienated European consumers, particularly in Germany, where Tesla’s sales have suffered significantly.
Compounding these issues, Tesla faces intensified competition from Chinese automakers like BYD, which sold 65,808 vehicles in Europe in May, nearly matching Tesla’s sales. BYD’s aggressive expansion and competitive pricing have eroded Tesla’s market position, as evidenced by BYD surpassing Tesla in European EV sales.
About Tesla
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.
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| Source / Research House | Current Rating | Last Update |
|---|---|---|
| CFRA | ★★★ (3 Stars) | 22 Jun 2025 |
| Market Edge | Long | 14 May 2025 |
| Argus | Hold | 09 Jun 2025 |
| Morningstar | ★★ (2 Stars) | 11 Jun 2025 |
| LSEG (Refinitiv) | Hold | 20 Jun 2025 |
| Schwab Equity Ratings | D | 23 Jun 2025 |
Tesla’s analyst dashboard shows sentiment hovering near neutral, with only one outright bull amid otherwise cautious tones. CFRA’s fresh 3-star rating (22 Jun 2025) equates to a traditional Hold. Argus (9 Jun 2025) and LSEG/Refinitiv (20 Jun 2025) echo that stance with explicit “Hold” calls. Market Edge, however, upgraded the shares to “Long” back on 14 May 2025, marking the lone decisively positive view.
On the bearish side, Morningstar’s 2-star assignment (11 Jun 2025) implies the stock screens as over-valued, while Schwab Equity Ratings’ “D” grade (23 Jun 2025) likewise signals below-average expectations. Taken together, professional opinion skews more balanced than bullish, suggesting investors see a fair valuation after Tesla’s recent volatility and big-ticket autonomy bets.
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Disclaimer: Options trading involves significant risk and is not suitable for all investors. You may lose the entire investment, and certain strategies may result in losses exceeding the initial amount invested. Past performance does not guarantee future results. This content is for informational purposes only and should not be considered investment advice. Always consult a financial or tax advisor before making investment decisions.
