Tesla Rally Flips Options to Most Bullish in Three Years (1)

Tesla Inc. options investors are the most bullish in more than three years, betting the rally to an almost six-month high has room to run.

The three-month call skew — measuring the premium of call options over puts — is the widest since Feb. 1, 2021, according to data compiled by Bloomberg. That’s a flip in sentiment from just three weeks earlier, and comes as shares have rallied 34% in that time.

Shares surged as much as 10% Tuesday to $231.15 after Tesla reported a smaller annual decline in quarterly vehicle deliveries than Wall Street analysts had estimated. ...