The stock has "ripped" recently, said trader Brian Kelly. Despite the surge, he wouldn't take any "large position" in Tesla.
"If anything maybe you can buy some calls if you think it's going up. I would much rather buy this on a pullback," Kelly said.
Read MoreTesla's poaching workers from this tech giant
Adami also advised against taking a "huge position" because of the uncertainty surrounding earnings. Trader Tim Seymour added that "the Street doesn't know what they're going to do."
He argued that investors should wait for the stock to slip lower before jumping into the stock.
"It breaks [$180 per share]. In the meantime, that is where you play for," Seymour said.
Read MoreMusk in Motown: Urgent need for electric cars
Trader Steve Grasso noted that if earnings disappoint, shares could quickly fall below $200.
Tim Seymour is long AAPL, BAC, BX, C, DIS, F, GE, GM, GOOGL, INTC and SUNE. Tim's firm is long BABA, BIDU, CCU, DSKY, FCX, KNDI, LUKOY, MCD, NKE, NOK, SINA, SBUX, TSL and VIP.
Steve Grasso is long AAPL, BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MHY, MJNA, NVIV, PFE, POT, SO, T, TMUS, TWTR and YHOO. His firm is long AMZN, FCX, NE, NEM, VALE, RIG and OXY. His kids are long EFG, EFA, EWJ, IJR and SPY.
Brian Kelly is long BTC=, U.S. dollar, CTRL calls, HYG puts, BBRY call spreads and TLT. He is short EWA, EWG, EWQ, EWZ, EWW, Australian dollar, British pound, Canadian dollar, yen and Yuan. Today, he bought TLT.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.