Todd Gordon spoke on CNBC’s “Trading Nation” about Tesla Inc TSLA. He has a long position in the name and he’s concerned it could trade lower.

Gordon wants to hedge his long-term position by purchasing the June 2, 305/295 put spread for $3.05. The trade breaks even at $301.95 or 2.71 percent below the current market price. It can make a maximal profit of $6.95. Gordon wants to place a stop loss at the half of the value of the premium paid.