As Tesla stock dips, investor says 'any time you get the chance to buy it, buy it'
Shares of Tesla closed lower despite a strong call from Mizuho.
Analysts at the firm reiterated their buy rating on the stock, citing the company's leadership in the global electric vehicle market and expecting the stock to get a boost from the Biden administration's proposed infrastructure plan.
Michael Bapis, managing director of Vios Advisors at Rockefeller Capital Management, told CNBC on Tuesday that Tesla's roughly 24% market share and ambitions in the electric vehicle, space and clean energy markets make it a name worth watching.
"Tesla is going to continue to be the leader in the industry, especially for the foreseeable future," Bapis said on "Trading Nation." "When you think Tesla, you think innovation."
He expects the company to keep delivering strong sales and earnings growth, which he said could raise demand for the stock.
"If you look at some of these institutional funds … and they don't have this stock in there, they're definitely going to get questioned why," he said.
Although Tesla did run up "too far, too fast" last year as people piled into the stock, Bapis said now is a great time to buy the dip.
"Unless someone comes in and breaks through the difficult barriers to entry, you're going to see this stock grow long term," he said. "Any time you get the chance to buy it, buy it."
He added that although its supply chain has been riddled with delays and shortages, Tesla was a strong long-term buy considering its fundamentals and growth potential.
"I think it's the time to buy it right now and just put it away," he said. "Close your eyes on the volatility for a little bit and bet on the fundamentals and the leadership of the company. I mean, you can't get a better leader than they have."
In the same "Trading Nation" interview, Matt Maley, chief market strategist at Miller Tabak, noted that Tesla's stock has been relatively flat for the past several months, trading around its 200-day moving average.
"You don't see that very often," he said. "Whichever way it breaks away from that 200-day moving average will give us a little bit of a hint [about] its next move."
The stock is also forming a descending triangle pattern, Maley said, saying the upper end of the pattern is around $650 and the lower end sits at $563. Those are the two levels to watch, and where shares move relative to those levels will be very indicative of where Tesla is headed, he said.
"In the past, when the stock has been stuck in this sideways range, once it breaks out, it starts to move in a big way. This should be no different," he said.
Tesla's deliveries report in the first week of July could be a breakout catalyst, Maley said.
Disclosure: Bapis's family and Vios Advisors own shares of Tesla.
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