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STORY: :: Lisa Bernhard, Reuters

:: Ross Mayfield, Investment Strategist, Baird Wealth Management

Shares of Tesla have rallied since late June, with the bulk of the gains coming since July 2, when the EV maker reported a smaller-than-expected drop in vehicle deliveries in the second quarter.

It was also the first time in Tesla's history that it posted year-over-year sales drops for two consecutive quarters.

Analysts have noted that Tesla has been slow to refresh its car lineup at a time when rivals, especially in China, have come up with new affordable models.

Does this make Tesla a "pump and dump" meme stock, as Gross implied?

"Well, I think that stock has always had a pretty fervent fan base of retail investors," said Mayfield. "So a lot of times those kind of stocks can be driven more by sentiment or a headline than what's going on underneath the hood."

Speaking with Reuters' Lisa Bernhard, Mayfield also weighed in on Federal Reserve Chair Jerome Powell's second day of testimony on Capitol Hill.

Of particular note, he said, was Powell's acknowledgement that "labor market weakness is something [the Fed is] concerned about - that it's no longer a major pressure on inflation."

Mayfield said that "opens the door to not just September, but additional rate cuts later this year and early next year."