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.
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.
