Bulls think it's appropriately valued as currently the second largest automaker by market capitalization, mostly based on CEO Elon Musk's visionary ideas and Steve Jobs-like status. Bears think Tesla is nothing more than a bubble built on no profits and hot air.
A lot, if not most of this company's value is in intangibles, namely, for customers to drive around a status symbol. Working there is like joining a cult, with long hours, low pay and a fervent belief in its founder. But all the while, as demonstrated above, the organization's upper management (besides the CEO himself) is dumping the stock like there's no tomorrow.
Essentially, then, buying the stock is buying hope in Elon Musk. But as great as he may sound, Musk is just a man. A man with great visions and great passion, a very intelligent man, but still just a man. And so between rockets, solar shingles, colonizing Mars, digging tunnels for electric sleds, an electric tractor-trailer truck, telepathy, a Powerwall, and a Hyperloop, none of which have made a profit or are profitable for the foreseeable future, not to mention dating Amber Heard after two prior divorces and shared custody of five sons... all of this suggests some sort of psychological mania, especially considering the childhood trauma he had suffered (or in more positive terms, considering him as a "real life Iron Man"). Moreover, Tesla's Board of Directors is full of cronies, and the company has fiercely resisted calls for a more independent board. Listening to Tesla's latest earnings call also reveals Musk as tight-lipped about details in general. The abrupt departure of Tesla's CFO right before the latest earnings release is also highly suspicious.
How high Tesla's stock goes will primarily depend on two factors: Elon Musk, and group belief in Elon Musk.
If Elon himself suffers a psychological breakdown, in which the demons within him fueling his passions today overcome him in the future, he will be unable to provide the vision that holds together his various unprofitable ventures, and the entire construct will come crashing down.
Alternatively, if enough employees and stockholders cannot reconcile quantifiable reality, such as deliverables or profits, with what Musk promises, then herd mentality will take charge as more and more people abandon ship.
Hindsight may be 20/20, but when the signs are this clear that Tesla is a fantasy niche business spread too thin with competitors nipping at its heels today and likely overtaking Tesla within a few years, it is obvious why Tesla's insiders are cashing in their Tesla chips.