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Is Netflix (NFLX) stock worth buying this week?
Netflix (NFLX) could move higher this week after its recent malaise as investors find value in the streaming company’s industry-leading service and huge subscriber base.
Netflix (NFLX) stock has gone under the radar in recent weeks, but it could finally be set to break higher as investors look to buy into a proven industry-leading business.
Netflix got lost in the shuffle of Q2 reports in July, especially after it warned that new subscriber growth could tail off during H2 2020 following a marked surge during the pandemic.
Last month, the streaming giant said that more than 10m paid subscribers had been added between April and June.
However, the caution of a slower upcoming six months resulted in a tepid reaction as shares slumped 6.5% in the first session after the quarterly report was published on 16th July.
Almost a month later, there are signs that Netflix could break higher.
NFLX stock fell to a low of $467 two weeks ago, but it has rebounded during the last seven days.
Friday’s session was quite volatile though as an intraday high of $507 was logged just before 10am on the Nasdaq before those gains were shredded during mid-afternoon.
Netflix eventually closed 2.82% lower at $494.73.
Ahead of the new week, several commentators believe that a breakout could be on the cards.
TheStreet’s Bret Kenwell believes that a “big rally” is possible.
He advises investors to keep tabs on Netflix for a potential rotation over the $510 mark, which could put $525 in play moving forward.
While the last three weeks have checked the company’s impressive stock rise this year (+52%), 21 analysts still offer a buy rating.
Netflix is also confident that it can continue its momentum into next year.
“Netflix 2021 is going to be a much better service than Netflix 2020,” CFO Spencer Neumann stated after the Q2 earnings call last month.
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