Tesla Stock: Hot or Not?

With a year-to-date gain of 190 percent, shares of Tesla Motors drew heated sentiment from the "Fast Money" traders Wednesday.

OptionMonster's Jon Najarian wasn't buying it.

"I don't know why you wouldn't love this stock," he said. "Look, in May the sales were down, the car sales were down about 15 percent. What's wrong with that? Or a 95 forward P/E. Or the fact this they lose about 30 percent on every car. What's not to like?"

On CNBC, Najarian said that the one good number was in the short interest, around 24 percent.

(Read More: Duking it Out Over Tesla Motors)

"You look at the volumes of trade here, too, 37 million shares in one day," he said. "I believe there were 14 out of the 20 days in May that this thing traded north of 15 million."

Tesla shares gained 3.45 percent to close at $97.73.

Stuart Frankel's Steve Grasso argued that perception has made Tesla stock hot

"Have you ever seen anyone able to glamorize electric cars the way Tesla has? No," he said.

(Read More: Retail Investors Uneasy, But Tesla Shares Explode)

While that alone wasn't enough to create a viable company, Grasso added that it provided momentum for the company and founder Elon Musk.

"It gets you over the hump," he said. "Now he starts making a better battery, a better car, gets more people to buy the car. Now he starts a lot of hoopla that everyone wants to buy the car."

Mike Khouw of Dash Financial didn't see Tesla as a "buy."

"I hate the stock, absolutely," he said. "I can't understand how on earth somebody could just simply say, all right, just because they have built a hot car that necessarily means I want to invest in a hot stock."

(Watch Video: Jim Cramer's Six in 60: Google, Tesla and More)

Khouw said that he didn't see any rational explanation for buying shares of Tesla.

"Ultimately, you buy stocks because you hope they're going to go higher and you hope that based on fundamentals, and there's no fundamentals here whatsoever and even the most optimistic has trouble getting it."

(Watch Video: Tesla Really a $50 Stock?)

Trader disclosure: On June 12, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is funds long HPQ; Steve Grasso is funds long MU; Steve Grasso is funds long INTC ; Steve Grasso is funds long SPY; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long SPY; Karen Finerman is long MDY PUTS; Karen Finerman is long KFS; Brian Kelly is long TLT; Brian Kelly is long Treasuries; Brian Kelly is short SYP ; Brian Kelly is short DAX; Brian Kelly is short HAG; Brian Kelly is short EWY; Brian Kelly is short EWG; Brian Kelly is short EWW; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long WMT; Tim Seymour is long SBUX; Tim Seymour is long AVP; Jon Najarian is long GDX; Jon Najarian is long GLD; Jon Najarian is long EEM PUTS; Jon Najarian is long UVXY; Jon Najarian is long NTAP; Jon Najarian is long TSCSS.