The streaming leader saw its stock rise 3.5 percent on Wednesday to $317.94, down 17 percent since May.
Shares of Netflix rose on Wednesday after nine straight days of losses that shaved $24 billion from its lofty valuation on Wall Street.
The streaming leader saw its stock rise 3.5 percent on Wednesday to $317.94, down 17 percent since May and down 23 percent in the past 12 months as investors worry about competition coming from Disney, WarnerMedia, Apple and others. A study from Streaming Observer and Mindnet Analytics in April suggested that 14.5 percent of Netflix subscribers will consider defecting to Disney+ when that $7-a-month service launches in November.
While some Netflix bears think the stock is not yet through with its decline — Michael Pachter of Wedbush predicts it will fall to $188 in the next 12 months — Todd Juenger of Bernstein said Wednesday that shares ought to rise 46 percent to $450 in the next year or so.
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Netflix Stock Bounces Back, Ending Nine-Day Losing Streak With 3.5% PopShares in Netflix, which had lost $24 billion in value during nine consecutive trading days of decline, bounced back with a 3.5% gain on Wednesday. The stock closed at $317.94 on trading volume nea…
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