Chief tech investor Paul Meeks isn’t buying into Tesla’s hype, saying the stock could be a buy – but only at the right price. “You almost have to believe in the cult, and it’s a cult, just a little bit to buy this stock, because you’re never going to be a hawkish analyst like me and put pen to paper and come up with accounts that tell you,” Meeks, portfolio manager at Independent Wealth Management Solutions, told CNBC Pro Talks last week. He added: “You can never, even a fundamental analyst, come up with a logical assessment” of Tesla. Meeks wouldn’t advise avoiding the stock entirely, however – he just doesn’t buy it at its current price.” I think Tesla can be bought. You’ve bounced back quite a bit lately from the entire fiasco [CEO] Elon Musk and the Twitter takeover said, “Tesla co-founder and CEO Musk sold 7.92 million shares of the company worth about $6.88 billion between August 5 and 9 as he prepared to hoard cash amid a contentious legal battle over the acquisition of the social networking giant. Twitter. In July, Musk said he had closed the deal. The stock sale came as Musk sought to “avoid an emergency sale of Tesla stock” in the “event (which we hope is unlikely) that Twitter forces this deal to close and some equity partners are not coming through.” Tesla shares fell in the first half of the year amid widespread market selling, “the renegade CEO wrote in a social media post, but has trimmed some losses since then. The stock closed at about $900 on Friday, giving the company a market capitalization of about $940 billion, but it’s down 14% since the start of the year. Its valuation is still far from the trillion dollar exclusive market. The EV giant made the maximum before beating the market this year, but Meeks still thinks the stock is too expensive. Read more Is it time to enjoy technology? Senior investor Paul Meeks shares his opinion – reveals what asset manager buys This stock loves chips so much, puts his own money in it The fund manager says the bear market rally won’t last and reveals how to take a stand for him “I think Tesla has become more interesting to me by about $600 or 700 dollars… [it] It seems a little more reasonable [fundamentally]Meeks added that from a technical analysis perspective, the charts also indicate that a breakout – when the stock moves above a certain point in a sustainable manner – could be in the cards. Despite this, Meek said he would watch “like a hawk” what Tesla’s competitors are doing in the EV space. He acknowledged that Elon Musk spearheaded the creation of the electric car industry, but said competition is now heating up with the rise of new technology car companies, as well as traditional automakers like the likes of Ford and General Motors, they’ve poured “billions and billions and billions” of dollars into research, and he warned they’re getting there.