CNBC Traders Look For Tesla To Run Beyond $700 Per Share

Virtus Investment Partners Chief Market Strategist Joe Terranova and Market Rebellion co-founder Jon Najarian discussed why they are buying Tesla Inc TSLA Wednesday on CNBC's "Fast Money Halftime Report."

Terranova On Tesla: Terranova bought Tesla to capitalize on the momentum trade, he told CNBC.

Terranova expects a "mean reversion performance chase" toward both Tesla and Netflix Inc NFLX as a result of the recent stabilization of rates, he said. 

Over the past week, Tesla and Netflix have outperformed other mega-cap technology stocks, Terranova said. He noted that he has a stop loss put in place at $593.50. 

Najarian On Tesla: Najarian owns calls in Tesla and expects the stock to run to at least $700 per share, he said. The recent volatility in Bitcoin BTC/USD has played a role in the sell-off of Tesla, Najarian added. 

He told CNBC Tesla will likely reach "the mid $700s in the not-too-distant future."

Related Link: Former Wall Street Floor Trader: Tesla Is Going To $700

TSLA Price Action: Tesla has traded as high as $900.40 and as low as $187.43 over a 52-week period.

At last check Wednesday, the stock was up 5.09% at $655.47.