The problem with Tesla? No one knows how to value it

Its cars inspire envy in auto enthusiasts all over the world. But recently, Tesla Motors' stock performance has elicited a different emotion: despair.

That's because the company's stock price has fallen nearly 30 percent since hitting its February high. The move has come on relatively little news, which is not that surprising given the confusion among the analyst community about exactly how to value electric automaker.

(Read: Wall St falls as momentum shares sink again)

Of the 16 analysts that cover the stock, five have a positive rating, eight list it as a "hold," and three have it as either an "underweight" or a "sell," according to Factset,

"There is no strong consensus here, and that contributes to its volatility," said Andy Busch, editor of the Busch Update and a CNBC contributor. "Is it an auto company or a technology company? All we really know is that it's the poster child for momentum," Busch added.

With few fundamentals to rely on, many traders have turned to the charts for help. But unfortunately, they aren't looking much better, at least according to some technicians.

(Watch: Auto recalls on pace for record year)

"I don't like it when we see a stock up 550 percent in 18 months," said Rich Ross, chief market technician of Auerbach Grayson and a "Talking Numbers" contributor. "Go back longer term, we can see Tesla's in real danger of pulling back to the 50-day moving average. That brings you to about $150 per share. I would not be surprised if we touch that level."

Whatever's driving Tesla, traders says the stock's next move is likely to be determined by whatever the market does, and that could mean little relief for investors.

"We are due for a larger selloff in the broader market," said Enis Tanner of riskreversal.com. "If that's the case, Tesla still likely has more selling ahead of it."

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