Investor Mark Cuban purchased a large block of Netflix stock this fall and now says he bought options to sell against his entire stake.
Shares have been off by nearly 28% since the start of the year.
Cuban announced on social media he’s hedging his bet on the streaming company’s stock.
“I just bought puts against my entire Netflix position,” MSNBC reported he posted.
But he’s not selling.
Netflix shares were down 7.7% Friday, to close at $82.79. The stock had previously closed at $89.71.
Blue chip and tech stocks took a beating Friday as U.S. jobs data fell below expectations and questions loom about what the Federal Reserve will do amidst questions about the health of the world economy.
The Cuban news comes as MoffettNathanson Friday cut the target price for Netflix from $98 to $85. Netflix stock is down 22 percent year-to-date in 2016, which is the opposite of its prior-year positive trajectory.