Facebook Inc (NASDAQ:FB) shares took off like a rocket this year after the company’s positive June earnings report. But is it still a good buy or will the stock pull back even further than it already has, providing an even better buying opportunity? That was one of the topics discussed Monday on CNBC’s “Halftime Report.”

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Some say Facebook is a good investment now

Stephanie Link, chief investment officer of The Street, said she sold some of her position in Facebook Inc (NASDAQ:FB) at $52 a share, although she did hold on to some of her shares. She believes the social network will see even more benefits when it launches video ads, although she’s especially interested in Google Inc (NASDAQ:GOOB) if it should pull back.

Mike Murphy of Rosecliff Capital said he still likes Facebook even at current levels. He hedged his fund’s position through options but indicated that the company’s fundamentals suggest its stock should be much higher. He admitted that in the short term, investors would probably still see “some choppiness” in it, but he thinks over the long term that shares of Facebook will top $60.

Arguing to wait on Facebook

Pete Najarian of Option Monster said he would wait for a pull-back on Facebook Inc (NASDAQ:FB) before he dove in. He said this isn’t because the social network is doing anything wrong, but he thinks there is some downside before he would get into the stock. He’s expecting shares to fall into the “very low 40s.” By this price, he’s got just a few dollars to go if he wants to get into Facebook.

As for Yelp Inc (NYSE:YELP), Najarian said he would leave it alone. The company’s shares climbed another 4% in trading on Tuesday.

Facebook shares declining

Shares of Facebook Inc (NASDAQ:FB) have declined from their high of more than $52 a share last month to around $46 a share today. Unlike other stocks which have enjoyed upward momentum for months, the social network’s stock didn’t have much staying power at the higher levels.