Tesla could see more trouble ahead, as Missouri on Thursday became the latest state looking to prevent the company from selling cars directly to drivers.
New Jersey, Texas, and Arizona have already banned direct sales, which is the business model for Tesla.
Matt Hardigree, who runs auto industry blog Jalopnik, weighed in on "Fast Money."
"The dealers have all this political clout, but they have almost no public support. No one is in the streets going save the dealers, " said Hardigree. "Right now, Tesla in most states is not going to win."
It comes after the electric vehicle maker's stock logged its worst day of the year.
Tesla, which reported quarterly earnings on Wednesday, closed at $178.59 a share, down more than 18 percent so far this year.
RiskReversal's Dan Nathan saw promise for Tesla.
"This stock has not been below its 200-day moving average since 2012," said Nathan. "You want to use the 'b word,' the 'bubble word.' This encapsulates everything, the worst psychology about the stock market over the last two years. That being said, it's a great company. They have a great product. They have great leadership."
Tesla began trading at $19 a share on the day of its IPO on June 29, 2010.