Netflix Inc's
But then, things quickly changed as the stock's upward trajectory abruptly shifted, and Netflix's stock price took a significant hit, dropping below the significant 200 daily simple moving average at around $370.
This decline moved down 28%, but there was some relief as the stock found support around the weekly 50 simple moving average, which was approximately $350.
Netflix's Q3 earnings report on October 18th exceeded expectations, with actual earnings of $3.73 compared to an estimated $3.49.
The positive earnings result had an immediate and positive impact on the stock price.
Following the earnings announcement, Netflix's stock opened with a significant 16% increase, clearly indicating the market's positive reception to the report.
Since then, the stock has continued on an upward trajectory, skyrocketing by 28%.
Netflix's impressive earnings report can be largely attributed to its significant subscriber growth, as consistent subscriber expansion is widely regarded as a key indicator of a company's future financial stability and potential for stock value appreciation.
With ongoing growth, Netflix has the potential to see further stock price increases.
As the stock price continues to rise, several significant barriers lie ahead. The first major obstacle is the psychological threshold of $500.
Looking further ahead, the next target to conquer would be last year's high of $609. Overcoming this milestone would mark a significant achievement for the stock.
Notably, as of November, Netflix's stock has demonstrated robust performance, showing an 8% increase for the month.
After the closing bell on Friday, November 10, the stock closed at $447.24, trading up by 2.78%.
