Photo: Firmbee from Pixabay.

Altimeter Capital founder and CEO Brad Gerstner thinks Facebook Inc FB offers an attractive investment opportunity at current levels.

There are always opportunities in the market, even when the market as a whole seems inflated. Facebook is one of those opportunities right now, Gerstner said Tuesday on CNBC's "Fast Money Halftime Report."

Facebook is trading at 20 times earnings and 21 times next year's free cash flow, while the company is growing at a 20% rate. 

"It's trading at the same multiple of free cash flow as the S&P [500] but it's growing four times as fast," said Gerstner.

Facebook is also investing about five times as much capital into research and development on an annual basis compared to most companies in the S&P 500, he noted. 

"We think that that's a really interesting opportunity at a very fair valuation in a market that is largely inflated," Gerstner told CNBC.

Facebook is set to announce its third-quarter financial results after the market closes on Oct. 25.

FB Price Action: Facebook has traded as high as $384.33 and as low as $244.61 over a 52-week period.

The stock was up 1.65% at $340.87 at time of publication.