Duking it Out Over Tesla Motors

Following Tesla Motors' first-ever quarterly profit and a surge in its share price, a bull and a bear squared off on whether the innovative car maker had a future.

"If you're looking at things like discounted cash-flow analysis to make a point-by-point case here, you're probably not focused on the bigger picture," Josh Brown of Fusion Analytics said on CNBC's "Fast Money."

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The California-based manufacturer of electric vehicles posted an $11.2 million profit last week, sending its share price to an all-time high of $97.12. At 1 p.m. ET, the stock traded at $84.17 per share.

Brown said this was just the beginning for Tesla.

(Read More: Tesla Roars Back to Life, Defies the Skeptics)

"If Tesla is what it looks like it could be, we could be very, very early, in which case, you want to start thinking about this as the fourth automaker," he said.

Brown also said that investors should be ready to pounce.

(Read More: Behind the Wheel, Putting the Tesla to the Test)

"Hope and pray that they do a secondary, which, frankly, if they're good management, they will do. When that creates an opportunity, whether it's a gap down or a shallow pullback, that's where I would focus on getting in," he added. "I wouldn't be surprised to see something like that happen very shortly."

Brown also called it "the early stages of a story that consumers are freaking out about."

Stephen Weiss of Short Hills Capital was less sanguine about the automaker.

"Do you know what the operating margins on the car are, after tax credits? Two percent," he said. "They barely make money. Without government tax credits, this company is not going to make any money. So, the issue with that is, while they've done a great job, it's a finite market."

Weiss also took issue with the valuation.

"In order to justify the stock price here on any reasonable measure of valuation, they'd have to be selling 200,000 cars, not 20,000," he said.

Trader disclosure: On May 14, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long GLD; Josh Brown is long XLU; Josh Brown is long WMT; Josh Brown is long DDD; Josh Brown is long PFE; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long SPLK; Joe Terranova is long LNKD; Joe Terranova is long SWN; Joe Terranova is long TBT; Stephen Weiss is long BAC; Stephen Weiss is long C; Stephen Weiss is long SODA ; Stephen Weiss is long AAMRQ; Stephen Weiss is long LCC; Stephen Weiss is long UAL; Stephen Weiss is long BBRY; Stephen Weiss is long SODA ; Stephen Weiss is long AAPL; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long BAC; Anthony Scaramucci is long GS; Anthony Scaramucci is long YHOO; Anthony Scaramucci is long GOOG; Anthony Scaramucci is long WMT.