Shares of Tesla Inc. have been on a winning streak lately, jumping more than 27% this quarter and racing past the S&P 500's 11% gain since then.
The run has heated up the market for Tesla options, which have already been wildly popular in recent years. Trading in bullish call options hit the highest level of the year over the past week.
A total of 1.39 million contracts have traded on Thursday, representing approximately 139 million underlying shares. That amounts to about 463.4% of TSLA's average daily trading volume over the past month of 30.0 million shares. Options traders have been quick to jump in on the action, with 772,187 calls and 625,766 puts trading hands on Thursday.
Particularly high volume was seen for the $900 strike call option expiring August 12, 2022, with 107,870 contracts trading so far today, representing approximately 10.79 million underlying shares of TSLA.