Tesla shares have enjoyed a winning week, rising over 6 percent to record levels. But one options trader is betting that the stock's further upside is limited.
As the stock was hitting a new record high Thursday, one trader sold 556 June 240-strike calls for $12.60. This represents a wager that Tesla shares will remain below $252.60 through June expiration.
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What's notable is that this seller was taking advantage of strength in the stock as well as strong call activity. On Thursday, 1.5 calls traded for every put, which is higher than the stock's average call-to-put ratio.
"Basically, that option trader is saying they don't expect Tesla to get above $250, $260 by June— but certainly with all the call activity out there, I would expect Tesla to trade higher," said Brian Stutland of the Stutland Volatility Group.