Tesla (TSLA) options memo

TSLA down 2% today, 352x PE makes valuation defense nearly impossible

The Read

TSLA is up 0.44% today at $341.46.

Options traders lean neutral into 2026-08-14, and neutral further out.

A move through $317.53 would change how dealers hedge this stock.

Key numbers

• Spot: $341.46
• Lean: bearish
• Nearest expiry: Fri 9/11
• Implied move: 1.9%
• ATM implied volatility: 36.4%
• Max pain: $360.00
• Pin strike: $370.00
• Gamma flip: $367.99
• Dealer positioning: SHORT GAMMA
• Call wall: $370.00
• Put wall: $360.00
• Put/call open interest: 0.895

Signals

• Options: Max pain shifts from $350 at today's expiry down to $342.50 by September 4, suggesting dealer positioning drifts lower over the next week. The PCR on open interest is light at 0.471 for the Monday expiry but rises to 0.763 by September 4, signaling growing put accumulation further out.
• Price action: TSLA trades at $347.53, down 2.05% today and 20.67% YTD, sitting 30.33% below its 52-week high. Short volume runs at 53.6% versus a 20-day average of 47.4% for five consecutive sessions above average.
• Fundamentals: The P/E TTM of 352.8x dwarfs peer GM at 38.9x, while net margin sits at just 3.67%. The most recent earnings report missed by 36.4%, with EPS of $0.33 versus the $0.52 estimate, and next earnings are 52 days out on October 20.
• News: The highest-impact headline today directly questions the valuation, noting TSLA trades at roughly 330x earnings while nearly 30% off its high. Analyst actions show 5 upgrades versus 3 downgrades over 14 days, but the dominant narrative remains the stretched multiple.