The "Fast Money" traders debated whether it's time to get into Under Armour after the stock fell 5 percent on Tuesday.

The athletic apparel company reported second-quarter adjusted earnings of 1 cent per share on sales of $1 billion, roughly in-line with analyst expectations.

Trader Dan Nathan said that Tuesday's price action in Under Armour is similar to when the stock fell after reporting better-than-expected results in late April.

Trader Brian Kelly said Under Armour CEO Kevin Plank is "one of the top CEOs of all time." He said, however, he would wait for the stock's valuation to fall a little before buying.

Trader Guy Adami agreed, saying that between Under Armour and Nike, he would rather own the latter because it has a "more reasonable valuation."

Kelly agreed and said that he would pick Nike in the athletic apparel sector, but that those stocks "have still had quite a run."

"I would be in a more profit taking mode in this particular sector," he said.

Disclosures:

BRIAN KELLY

Brian Kelly is long Bitcoin, DXJ, GLD, MOS, POT, SLV, US Dollar UUP. He is short the Swiss franc, euro and Japanese yen.

KAREN FINERMAN

Karen Finerman is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI. Her firm is short IWM, MDY. Finerman is on the board of GrafTech International.

DAN NATHAN

Dan Nathan is long JD Aug call spread, Long TWTR, IWM long Sept put, XLF long Aug put spread, XLK long Sept Put spread, FXI long Aug put spread, SMH long Aug put spread, long PYPL call calendar, long C Aug put spread, XOP Sept put spread, TGT long Aug calls, TSLA long Aug put, BAC long Sept put, long FEZ Nov put spread.

GUY ADAMI

Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.