Why This Investor Plans To Buy CrowdStrike Shares 'On The Close Today'

High growth stocks have taken a beating recently as the prospect of rising rates seems to be dividing the market. Cloud-native cybersecurity company CrowdStrike Holdings CRWD is among those names, having fallen more than 25% over the last month, but one investor thinks it's time to buy.

What To Know: "I'll buy CrowdStrike on the close today," Virtus Investment Partners' Joe Terranova said Wednesday on CNBC's "Fast Money Halftime Report."

Terranova feels the "valuation reset" has occurred and that the fundamentals will begin to propel the stock higher. The momentum has shifted amid waning COVID-19 omicron variant concerns and some of the high growth stocks may start catching bids, he said.

With corporate buybacks at all-time highs and consumer spending showing continued strength, people should remain invested and look for buying opportunities, rather than run for the exits, according to Terranova. 

"There are particular stocks that maybe are going to decline to the levels where you think the fundamentals warrant stepping in and buying it," he said. "One of those names would be CrowdStike for me."

Terranova sold his CrowdStike shares a few months ago, but he plans to buy them back at the end of the day Wednesday.

See Also: Check Out What Whales Are Doing With CRWD

CRWD Price Action: CrowdStrike has traded as high as $298.48 and as low as $162.89 over a 52-week period.

The stock was up 2.47% at $209.36 at time of publication.

Photo: jaydeep_ from Pixabay.