Alibaba's stock slide—partly reflected in some major hedge funds exiting positions—provides a strong entry point for investors, CNBC "Fast Money" traders said Friday.
Dan Loeb's Third Point Capital and John Paulson's Paulson and Co. both sold big Alibaba stakes in the first quarter, according to filings. The stock has fallen nearly 15 percent this year, driven down by disappointing fourth-quarter results.
"I like Alibaba down at these levels," said trader Brian Kelly.
The Chinese e-commerce giant's stock closed at about $88 per share on Friday. Alibaba looks cheap at these levels, said trader Tim Seymour.
Alibaba could "move a lot higher," especially because the company put together a strong first quarter, said trader David Seaburg. It earlier this month reported earnings and revenue that topped analysts' expectations.
As many first-quarter filings from hedge funds surfaced on Friday, traders discussed how to play stocks top investors were buying and selling.