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Is It Time to Jump Into Facebook? Pros Are Mixed

Facebook shares showed renewed strength this week, but trading the stock is a different story, the CNBC "Fast Money" pros said Tuesday.

Steve Weiss of Short Hills Capital said that the stock, which bounced on an analyst upgrade, appears to be luring investors who missed recent gains. "Now others don't want to miss it."

"To me, it's outpaced the fundamental improvement," he added. "I would not be a buyer on this breakout."

Joe Terranova of Virtus Investment Partners said that Wall Street is warming to Facebook's monetization of mobile and its ad strategy.

(Read More: Trading Tech Upgrades — What's Changed?)

"I think that this is a name where the momentum has shifted," he said. "It's now going to be a name that institutions want to own, so you play this from the long side."

Terranova noted that the stock was bumping up against the July 25 breakdown, around $26.75.

"There have been bets to the upside all the way to the $29 and $30 strike," OptionMonster.com's Jon Najarian said.

Najarian also noted another positive indicator for Facebook shares: "Insiders were not selling."

Not only did CEO Mark Zuckerberg announce that he wouldn't be selling shares for a year, but rank-and-file employees also held on to the stock.

(Read More: Dennis Gartman's 'Fiscal Cliff' Optimism)

"When they're in there saying, 'I'm not going to sell. This stock is way too cheap. I like what we're doing here,' that tells you a lot about how they think the company will be doing over the next six to 12 months," Najarian said. "I like this thing to continue higher."

Trader disclosure: On Nov. 27, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Terranova is long VRTS, VZ, XOM, DELL, GLW, SWN, AAPL, TJX; Weiss is long BAC; Najarian has long call spreads on AAPL, JPM, WMT, FB, DE, DDS; Najarian is long GLUU, CME, CBOE; Najarian owns short puts on GLD, SLV, AGQ; Kinahan is long BAC, C, WFC, CSCO, YHOO, SBUX, FB, MSFT.

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