Options Favorite TSLA Faces Resistance After Earnings

Tesla Inc (NASDAQ:TSLA) stock is down 2.1% at $378.52 this afternoon, after the EV giant reported third-quarter earnings that topped estimates, though revenue fell short of expectations. The company also cut its annual capital expenditure forecast, weighing on shares just one day after Elon Musk's SpaceX (SPCX) posted blowout earnings that sparked a rally across Wall Street. Adding to the pressure, the broader market is selling off today, as Meta's earnings reignite concerns over AI spending.

TSLA is brushing off price-target hikes from no fewer than six analysts, including BNP Paribas, which also upgraded the stock to "neutral" from "underperform." The majority of analysts are still leaning bearish, however, with 24 of the 40 brokerages in coverage carrying a "hold" or worse rating. Plus, the 12-month consensus price target of $390.24 represents a slim 3% premium to current levels.

On the charts, TSLA is facing renewed pressure at the $388 level, which coincides with resistance at its 200-day moving average. Looking to snap a three-day win streak, the shares are down 15.8% year to date.

Per Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks that saw the most options volume over the past two weeks, TSLA saw more than 5.6 million calls and 4.1 million puts exchanged during this time frame. Today, with positive net option delta volume of 12,639 shares, the weekly 10/23 380-strike put is seeing the most attention.