Buy the dip? Mark Cuban is going long on Netflix.
The investor announced via Twitter Friday that he planned to buy the stock because of its low valuation. Cuban forecast that the company could become a target of a bigger media conglomerate.
Cuban currently owns more than 50,000 shares of the Internet stock and he said his plan is to "never sell it" as he sees unstoppable growth ahead.
"Relative to other media companies ... it's just so far undervalued," Cuban said on CNBC's "Halftime Report" Friday.
For any of the major tech companies that have large market caps it's a no-brainer, he said, pointing to Google, Apple, Facebook and Verizon as examples.
Shares edged up from a session low of $341.50 after the announcement, but were still down around 2 percent.
Netflix reported earnings that were in line with Wall Street estimates, but shares plunged more than 25 percent as subscriber growth figures came in lower than expected.
Cuban is not worried about the firm's subpar subscriber growth figures. The results did not disappoint and everybody has had a disappointing growth number at some point, he said.