Tesla Motors Inc (NASDAQ:TSLA) shares rose nearly 4% in premarket trading this morning, while Facebook Inc (NASDAQ:FB) didn’t change much. After the markets opened, both moved less than 1%. Although the two companies are certainly quite different, both have captured the imagination of Wall Street as investors bet on their potential. So is it too late to get in on the action, or will shares move even higher? Both have been riding high on momentum, and as with all stocks, it depends on who you ask.

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Is Tesla stock overheated?

The higher shares of Tesla Motors Inc (NASDAQ:TSLA) have gone, the more some investors and analysts are becoming concerned that a major correction is coming. However, others remain bullish on the automaker—not because of its current fundamentals, but rather, because of the future they see for the company. This week Morgan Stanley just about doubled its price target for Tesla, and now analysts at Goldman Sachs have followed suit.

It’s interesting to note that as shares of Tesla Motors Inc (NASDAQ:TSLA) climbed late last year, short interest surged, rising from more than 25 million shares in the middle of November to more than 31 million shares at the end of December, according to NASDAQ data. But then we begin to see something interesting happen.  Short interest declined slightly as of the middle of January and then kept falling to under 29 million shares as of the middle of this month. Now that shares are even higher, this will be something to watch.

What about Facebook?

Facebook Inc (NASDAQ:FB) is another company which has enjoyed a nice rally in its stock over the last year or so. Shares have risen three-fold since last June. The social network has dodged bullets like what happened to Friendster and acquired potential threats like Instagram and WhatsApp. Clearly, Facebook management has a sense about what the next big thing in social networking is likely to be, and they work to neutralize the threat before it becomes serious.

Nonetheless, there’s no arguing that Facebook Inc (NASDAQ:FB) is trading more than 60% higher than its 200-day moving average. But like Tesla Motors Inc (NASDAQ:TSLA), Facebook has already survived a big correction, so both companies are likely to do it again. Such a correction probably won’t scare long-term investors, although it may provide an opportunity for them to buy on a dip, assuming they still believe in the companies when the next dip comes.