- Netflix posted strong third-quarter earnings and subscriber growth on October 16, but shares tanked more than 36% over the following two months as the broader tech sector came under pressure.
- After bottoming at $231.23 in late December, Netflix shares have surged by more than 45%.
- The company’s recent rebound is overreacted in the eyes of short seller Andrew Left.
- Netflix’s market-capitalization gain over the past 12 days equals 12 DreamWorks Animations, 12 Lionsgates, 10 Rokus, or 5 Hulus, Left said.
- Watch Netflix trade live.
Netflix investors have too much confidence in the stock and lack adequate judgment, the short-seller Andrew Left’s Citron Research said Friday.
“NFLX investors at this level as blind as Bird Box,” Citron Research wrote in a tweet. The firm said shares would fall back to the $300 level — more than 10% below Netflix’s Friday closing price. Bird Box is a Netflix movie that stars Sandra Bullock as a mother who’s trying to protect her children after a supernatural force that kills you if you see it wipes out most of humanity.