While he likes Elon Musk and his vision for the company, he said it is one of the higher-octane stocks out there that has spiked too high too fast. He also doesn't know how it will transition from a boutique company to one that offers an everyday electric car.
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Shareholder Drew Cupps, on the other hand, is bullish on Tesla.
"You have two revenue streams that are coming on in the next six months," the president and chief investment officer of Cupps Capital Management said.
"That is energy, which is a multibillion-dollar opportunity that they are swimming in demand for. The [Model] X is an opportunity to double the size of the company in the near term."
All he's looking for from the shareholder's meeting is clarity on its energy business and that the Model X is launching in the next three months or so.
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"Our perspective on the stock has been one of giving Tesla and Musk a little more leeway than I think many do," Cupps said.
"What they've done is they've maintained a pace of advancement and a leadership that allows them to continue to penetrate this $1.5 trillion auto industry, and that's all I need them to keep doing."
—CNBC's Stefanie Kratter contributed to this report.