Facebook Bear: Why I Turned Bullish

Investors with patience would do well to put money into Facebook stock, Paul Meeks of Saturna Capital said Tuesday.

"We now have three quarters where they've reported mobile ad revenues, and as long as they continue to grow at a brisk pace on a sequential basis," he said. "I'm not a screaming bull. You know, I'd loved to have bought this stock at $19, which was a trough."

Facebook shares were priced at $38 in the company's initial public offering and were trading down 0.5 percent at $24.20 midday.

On CNBC's "Fast Money," the former Facebook bear said that the company's stock was attractive in the mid-$20 range.

"The company should, over time, be one of the major three, four horsemen in this space, and it's an important space to be in," he said.

Rosecliff Capital's Mike Murphy was positive on the stock.

"It seems to me that in this market, the trade from a lot of people is: Get long a tech name and short Facebook against it," he said. "And I think when that changes, Facebook'll be back above $30."

Josh Brown of Fusion Analytics was staying clear of Facebook.

"This thing could have flips up and down, but all the anecdotal stuff which will soon become empirical, is that the user base is not quite what people think it is," he said, noting that the stock "seems to have lost selling momentum each time it gets down into the low-20s.

"I just think it's one of those trades that's kind of in no-man's land. I'd prefer to see a break in either direction before trading it."

Trader disclosure: On June 11 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long FB; Mike Murphy is long MSFT; Mike Murphy is long GME; Mike Murphy is long T; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long AAPL; Joe Terranova is long SPLK; Joe Terranova is long GLD; Joe Terranova is long TBT; Joe Terranova is long SWN; Joe Terranova is long GOOG JUNE 870 PUTS; Joe Terranova is long GS JUNE 165 PUTS; Joe Terranova is short MINI S&P FUTURES; Josh Brown is long AAPL; Josh Brown is long JPM; Josh Brown is long TLT; Josh Brown is long LULU; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long JPM; Pete Najarian is long MS; Pete Najarian is long XLF; Pete Najarian is long INTC; Pete Najarian is long YHOO; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT.