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It might be time for investors to take Tesla for a spin.
That's according to Cornerstone Macro technical analyst Carter Worth, who sees the stock making a U-turn after hitting its lowest level in more than three years. Shares of the electric automaker have fallen 43% this year as the company has had to navigate a quagmire around production issues and CEO Elon Musk's behavior.
"It's a high-beta stock that yes is down, but it's down so much at this point that I think a contrarian call is the thing to do," Worth said Monday on CNBC's "Fast Money."
Worth pointed out that over the years, Tesla has had the tendency to way overshoot or lag the market. Since 2014, the S&P 500 has rallied 43 percent whereas Tesla, with the recent drop, is actually down 14 percent. But at this point, Worth believes that Tesla has "undershot by such an amount that actually it's so bad, it's good."
What's more, the stock is now not only trading below its 150-day moving average, but at its lowest point below the indicator ever in its history.
"I want to make the bet that Tesla actually is a time if you're short to be covering, and to be in small speculative longs," said Worth.
Tesla rallied more than 6 percent Tuesday.