Behind Netflix Stock's Post-Earnings Slide

Several analysts are chiming in after the results

Deputy Editor
Apr 19, 2023 at 2:12 PM
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All eyes are on Netflix Inc (NASDAQ:NFLX) today, after the Big Tech name's mixed first-quarter report, disappointing forecast, and low subscriber growth. The results showed profits of $2.88 per share, slightly above analyst estimates of $2.86 per share, and lower-than-expected revenue of $8.16 billion. Analysts are musing over whether or not the "password-sharing crackdown" will help the streaming giant, though Netflix has delayed the rollout due to backlash. 

Several analysts chimed in on NFLX after the earnings event. UBS upgraded the stock to "buy" from "neutral," with a price-target hike to $390 from $350, while Wedbush added the stock to its "best ideas" list. Jefferies and J.P. Morgan Securities lowered their price targets to $405 and $380, respectively, while no fewer than four other firms lifted their price objectives, including Pivotal Research to $425. 

Netflix stock is down 3.9% to trade at $320.56 at last glance, and was earlier as low as $316.10. Longer term, its 140-day moving average still lingers below as a potential line of support. Year-to-date, the equity is still up 8.8%. 

NFLX April19

Netflix has seen 2.5 times its average daily options volume already. Bears are pulling slightly ahead, with 261,000 calls and 270,000 puts exchanged so far. Expiring at the end of this week, the April 330 call is the most popular, with new positions being opened there. 

 

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