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Carter Worth spoke on CNBC's "Fast Money" about Tesla Inc (NASDAQ:TSLA). He said the stock is down so much that a contrarian call is the right thing to do.
The stock is hated on the Street, said Worth, and explained that it has 15 Sell ratings, 10 Hold ratings and 11 Buy ratings. Worth added that Hold ratings should be considered as Sell ratings.
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He said Tesla typically overshoots and undershoots the market and it's currently trading so low that it has become a buying opportunity because it reached its 2016 low. The stock is trading below its 150-day moving average and it has traded so low, below its trendline, only once since the IPO.
Traders should cover short positions and open small speculative longs, said Worth.
Tesla's stock closed Monday at $178.97 per share.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.