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"I look at it as though, as soon as you get that weight off of a stock like this, people want to rush in and grab it. Now, other people are saying, 'Well, if Carl's out, I'm out.' Carl had a tremendous profit in this name," he said.
"But at this point, you have the ability to buy a stock that may not be out of momentum."
(Read more: Carl Icahn cuts his Netflix stake in half)
Icahn disclosed the sale on Twitter.
"Sold a block of NFLX today," Icahn wrote after the market close. "Wish to thank Reed Hastings, Ted Sarandos, NFLX team and last, but not least, Kevin Spacey," referring to the star of the Netflix original series "House of Cards."
(Read more: Why a top market bear's turning bullish)
Grasso said that Icahn may have been locking in his gains.
"It's a responsible thing to do," he said. "You're not shorting the name."
(Read more: 'Apple's got its mojo back,' strategist says)
RBC Capital Markets Managing Director Mark Mahaney said that Netflix's fundamentals appeared to be improving.
"You buy these kinds of stocks on these kinds of pullbacks. We like Netflix as one of our top picks," he said. "This story's playing out extremely well. This is the Internet video utility. On these kinds of corrections, as a stock picker, I'd step in. I'd buy."
Josh Brown of Ritholtz Wealth Management, who earlier provided a technical analysis of Netflix's price action for the day, didn't see a buy.
(Read more: Netflix may be going up in flames: Josh Brown)
"When a stock is trading more than 200 times earnings, it's probably not trading on fundamentals anymore. It's trading on, 'Hey, it went up yesterday, the day before, the day before that.' This changes that mentality, and now, all of a sudden, the fundamentals and the valuation come back into focus, and it's like waking up the next morning. It doesn't look as pretty," Brown said.
"I never want to take the other side of Carl Icahn's trade," he added. "I would not be a buyer."
Trader disclosure: On Oct. 22, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Gene Munster is long AAPL; Gene Munster is long FUEL; Gene Munster is long YUME; Gene Munster is long YY; Steve Grasso is funds long AMZN; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long HPQ; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is long ASTM; Steve Grasso is long POT; Steve Grasso is long TSLA; Mark Mahaney is long GOOG; Mark Mahaney is long EBAY; Mark Mahaney is long TRU; Mark Mahaney is long FB; Mark Mahaney is long YHOO; Mark Mahaney is long NFLX; Mark Mahaney is long AMZN; Mark Mahaney is long YELP; Dan Nathan: AAPL long Nov 1st calls; Dan Nathan: CMG long Nov Puts; Dan Nathan: FDX long Nov Put Spread; Dan Nathan: JNJ Long Nov Puts; Dan Nathan: EBAY long Nov Call Spread; Dan Nathan: Ctxs long Jan calls; Dan Nathan: Ebay Long Nov calls; Dan Nathan: CSCI long nov calls; Josh Brown is long AAPL; Jon Najarian is long AAPL; Jon Najarian is long CSCO; Jon Najarian is long FB; Jon Najarian is long MSFT; Jon Najarian is long AMZN; Jon Najarian is long GRPN; Jon Najarian is long COH; Jon Najarian is long WHR; Jon Najarian is long DAL; Jon Najarian is long BEAM; Jon Najarian is long EEM; Jon Najarian is long XLU; Jon Najarian is long IYR; Jon Najarian is long LNG.