Why Jon Najarian Bought Netflix Shares Friday

Shares of several companies in the broader tech sector are trading lower Friday on continued volatility amid increasing omicron variant concerns.

With Netflix Inc NFLX down about 10% for the week, Market Rebellion co-founder Jon Najarian decided to buy shares of the streaming giant.

"I just think Netflix is really the stock [to own] in the space," Najarian said Friday on CNBC's "Fast Money Halftime Report."

Najarian said Netflix is the premiere name in the streaming space, ahead of competitors like Walt Disney Co's DIS Disney+.

See Also: Netflix Loses Fox Lawsuit Appeal

As the market began pulling back this week, he said he tried to be prudent and wait for the best opportunities. When Netflix fell below $600 per share, it was time to pull the trigger.

"When I was able to pick up some Netflix down here beneath $600, I thought that was a reasonable spot for me to buy," Najarian said.

He told CNBC the stock purchase also positions him for potential options opportunities in Netflix moving forward.

NFLX Price Action: Netflix has traded as high as $700.98 and as low as $478.54 over a 52-week period.

The stock was down 2.42% at $601.56 Friday afternoon.

Photo: Tumisu from Pixabay.