One of the hottest stocks on Wall Street in recent days has been Netflix. Fueled by exclusive first-run series it has produced and/or acquired, the OTT darling’s stock has soared past $300 a share as part of a meteoric rise in value seen since Jan. 1, 2018.
On Monday, investors decided to cash in, with Netflix losing 3% of its value but still well above where it began the year.
On double the average volume (20.2 million shares, compared to 10 million), NFLX shares ended the day at $321.30, down $10.14.
Netflix investors should hardly be mad.
The company’s stock on Dec. 26 was $187.76, and it’s seen a meteoric rise thanks to strong earnings and big international growth — in addition to winning results from such franchises as Stranger Things.
But, its 12-year target estimate is at $275.76, suggesting Netflix is ripe for a cool down.
Elsewhere on Wall Street, Viacom‘s Class B shares inched ahead by 10 cents, to $32.82; Sinclair Broadcast Group was up 20 cents, to $33.85; and Emmis Communications gained 23 cents, to $4.48.
Entercom dipped 7 cents, finishing at $9.95.