Stocks can get cheaper as share prices increase if earnings growth leads to multiple contraction.

Dick's Sporting Goods Inc (NYSE:DKS) is one of those stocks that is cheaper at current levels than it was when it was trading much lower, Short Hills Capital's Steve Weiss said Wednesday on CNBC's "Fast Money Halftime Report."

Dick's Sporting Goods traded up above $140 on strong earnings results last quarter. The stock has since pulled back amid Nike Inc's (NYSE:NKE) supply chain issues, Weiss said.

Dick's Sporting Goods sells Nike products, but the supply chain issues are temporary, he said.

"I think [Dick's Sporting Goods] is a phenomenal stock — very cheap. It was so much cheaper at $140 with the increase in earnings estimates going forward and this year than it was when I bought it originally at $95," Weiss told CNBC.

Just because the stock is up over 100% year-to-date doesn't mean it's more expensive than it was when it was down, he said.

"You've got to look at where the earnings are now and where the stock price is versus where the earnings were when it was down at that level before it doubled."

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As earnings continue to increase and people begin feeling better about going out to stores, the stock continues to look cheaper, Weiss said

The company is under new management, he noted, adding that Dick's Sporting Goods CEO Lauren Hobart has "done a phenomenal job" since she stepped into the CEO role.

Bank of America named Dick's Sporting Goods a top pick. The firm reiterated its Buy rating and price target of $160.

DKS Price Action: Dick's Sporting Goods has traded as high as $147.38 and as low as $50.88 over a 52-week period.

The stock was up 4.91% at $120.31 Wednesday afternoon. 

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