Tesla Inc (NASDAQ:TSLA) stock is enjoying some tailwinds today, last seen up 1.5% at $224.68. The electric vehicle (EV) maker updated its website to reflect that Model 3 and Model Y cars qualify for the Inflation Reduction Act's $7,500 consumer tax credits, after the White House provided confirmation yesterday.
TSLA is already up 84.6% in 2023, and trading at its highest level since November. The shares also broke above long-term resistance from their 200-day moving average in late May, and according to a recent study from Schaeffer's Senior Quantitative Analyst Rocky White, could do particularly well in June.
Tesla stock appeared on White's list of best S&P 500 Index (SPX) stocks to own this month. TSLA finished higher in eight of the last 10 years, bringing its average one-month return for June to a lofty 10.1%. From its current perch, a comparable move would place the equity over the $247 mark for the first time since October.
Now looks like the ideal time to bet on the equity's next moves with options, as it sports affordably priced premiums. This is per TSLA's Schaeffer's Volatility Index (SVI) of 51%, which ranks in the relatively low 14th percentile of its annual range. Plus, TSLA sports a
Schaeffer's Volatility Scorecard (SVS) of 85 out of 100, suggesting it tends to outperform said expectations.
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