CrowdStrike Holdings CRWD shares have been sliding since Morgan Stanley initiated coverage on the stock with an Underweight rating and a price target of $247 last week.
With the stock now down more than 13% over a five-day period, Ritholtz Wealth Management's Josh Brown says it's time to buy.
"If you're an investor in the company like I am, this is a time to be buying it," Brown said Tuesday on CNBC's "Fast Money Halftime Report."
Brown noted he has held the stock for a while and that 20% corrections are common in high growth and high multiple names. He has seen the stock pull back significantly multiple times and expects such to continue for as long as he holds CrowdStrike stock.
Brown noted CrowdStrike is scheduled to report earnings next week. "I think that's a potential upside catalyst," he said.
CrowdStrike is set to announce its third-quarter financial results after the market closes on Dec. 1. The company has reported better-than-expected top- and bottom-line results for four consecutive quarters.
CRWD Price Action: CrowdStrike has traded as high as $298.48 and as low as $138.24 over a 52-week period.
At publication time, the stock was down 5.17% at $227.24.
Photo: Richard Patterson from Flickr.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.