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Short Netflix stock: Dan Nathan

Short Netflix: Trader

Despite the seemingly good news surrounding the stock, Netflix is a short, Risk Reversal's Dan Nathan said Tuesday.

"It's about as good as good as it gets right here," he said. "I think there is going to be another wave of selling."

On CNBC's "Fast Money," Nathan added that he believed investors are going to drop high-valuation names like Netflix and look to add more defensive names.

Read MoreNetflix 'the second-best value in America': Mark Mahaney

Netflix posted better-than-expected earnings this week, sending the stock higher.

The company also announced it will increase the price for new subscribers by $1 to $2 in order to produce more original content. So far, Netflix has enjoyed the fanfare of hit shows such as "House of Cards" and "Orange Is the New Black."