Netflix Shares Swing as Bears Step in After Stock Hits $100
$Netflix(NFLX)$
Trading in borrowed shares that were sold short rose to 8.24 million shares Thursday, representing more than 22% of the shares that changed hands that day when the stock price advanced 3.25%. Short interest, or the tally of short positions that haven't been closed, fell to 81.07 million shares as of March 13, from 89.63 million shares two weeks earlier, according to the latest exchange data.
The stock climbed as much as 4.1% in early trading Monday, before giving up most of those gains. Goldman Sachs analyst Eric Sheridan reportedly upgraded the stock to a buy from neutral, and raised his price target to $120, from $100, citing expectations of a strong start to the year, according to a Bloomberg report.
Netflix's earlier advance took the stock price near the top end of the purchase price range for 70% of the existing holders, making the shares susceptible to pullbacks as some investors look to exit before the gains reverse.
The outlook is forecast to further improve for the video streaming giant that has already seen its revenue growth accelerate for a third straight quarter, pushing up earnings in the three months ended Dec. 31.
For the first quarter, analysts, on average, expect Netflix to report record earnings of 78 cents a share, according to analysts' estimates compiled by Bloomberg. That follows a more than 33% increase in earnings in the previous three months. Netflix is due to report its financial results on April 16.
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