Why Pete Najarian Just Bought PayPal Stock

PayPal Holdings Inc PYPL has fallen more than 35% over a three-month period. With the stock now down about 20% year-to-date, it's finally time to buy, according to Market Rebellion co-founder Pete Najarian.

"I just thought for too long it was way overpriced. I think now it's priced to a point where it makes some sense," Najarian said Thursday on CNBC's "Fast Money Halftime Report."

PayPal is a company with incredible growth and a solid balance sheet. With the price-to-earnings multiple having come down as a result of a declining stock price, it looks attractive, Najarian said.

PayPal also continues to make smart acquisitions and is getting more and more into crypto, which adds to the appeal of the stock, he said.

See Also: Bitcoin Has Surpassed PayPal In Transaction Volume And Could Leave Behind Mastercard 'In Time' Too, Says Intelligence Firm

"There's a lot of different things that they're doing and I think they're doing a lot of things right," Najarian said. "There are so many different pieces of this company that I think it makes sense today."

Najarian told CNBC he has been wanting to buy PayPal shares for a while and finally bought in Thursday morning.

"I've been watching it for a while now, waiting to see when it looks like a good opportunity and today was the opportunity."

PYPL Price Action: PayPal has traded as high as $310.16 and as low as $179.15 over a 52-week period.

The stock was up 4.65% at $187.77 at time of publication.

Photo: courtesy of PayPal.