Cybersecurity stocks popped toward the end of last week in the wake of Russia’s invasion of Ukraine, which has sparked cyberattack concerns amid the conflict’s escalation.
Market Rebellion co-founder Pete Najarian on Monday bought CrowdStrike Holdings Inc (NASDAQ:CRWD) call options after seeing traders pile into the name.
“It seemed like a nice cheap shot, to me, to own this for the next couple of days,” Najarian said on CNBC’s “Fast Money Halftime Report.”
With the stock trading around $187 at the open, he told CNBC that options traders started buying the $200 strike calls, expiring this week. Traders were paying $2 to $3 per contract, but those options have already traded up to around $5, he said.
“I think this week, obviously, a lot of folks will be on these security type names,” Najarian said.
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He told CNBC that he wouldn’t buy the stock at current levels, but he likes the upside potential in the short-dated call options.
CrowdStrike is set to announce its fourth-quarter financial results after the market closes on March 9.
CRWD Price Action: CrowdStrike has traded as low as $150.02 and as high as $298.48 over a 52-week period.
The stock was up 6.48% at $193.66 at time of publication.
Photo: geralt from Pixabay.
