Tesla is on a tear.
Shares of the electric automaker have climbed a blowout 55% in the last three months, a notable turn for a stock that has struggled this year. As of last week, Tesla was practically flat for 2019 versus the S&P 500’s almost 26% gain.
With Tesla’s Cybertruck announcement creating buzz and, for some, boosting the stock’s bull case, investors may be taking a second look at the name, particularly after Tesla CEO Elon Musk suggested in a tweet Wednesday that the company had received 250,000 orders for the futuristic-looking pickup.
But some investing pros, like Piper Jaffray’s Craig Johnson, feel the stock has run too far, too fast.
“The stock essentially stuck in a trading range between about 240 and the upper end of the range at 385,” the firm’s senior technical research analyst said Wednesday on CNBC’s “Trading Nation,” citing Tesla’s five-year chart.
Tesla shares closed just below $330 on Friday.
“Having had a huge run up, as you look at the chart, it’s now gotten to…