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Behind the Trade: Dan Nathan's play on Priceline

Behind the Trade: One Internet stock set to break out

CNBC "Fast Money" trader Dan Nathan shared a look behind his trade in Priceline after Oppenheimer initiated the stock with a "buy" rating and $1,450 price target on Tuesday, pushing shares higher.

"The stock has been consolidating over the last couple of weeks since they made that acquisition, the $2.6 billion OpenTable acquisition offer, but all of a sudden the thing popped on the slightest bit of good news," he said.

Nathan said he was making a bet on Priceline's second-quarter earnings beating estimates and the stock recapturing its uptrend.

With Priceline at $1,245, Nathan recommended buying an August $1,300/$1,400 call spread for $20.

Follow Dan Nathan on Twitter: @RiskReversal

By CNBC's Kristin Cwalinski