Algorithm Sets Netflix Stock (NASDAQ:NFLX) Price for Next 12 Months

 Key takeaways

• Netflix (NFLX) outperforms Wall Street for 7 consecutive months, stock price looks ready to rise
• CoinCodex algorithm expecting new all-time highs for NFLX in the next year, predicts 182.46% rise in total
• Recent swing failure pattern from NFLX signals upside in the near-term, as per trader AMIT-RAJAN

Another positive earnings report in 2023 means NFLX has exceeded Wall Street’s forecasts for 7 consecutive quarters

Netflix (NFLX) released its earnings report for the second quarter of the year back in July, outperforming Wall Street’s expectations by 15.03%. The company’s $8.52 billion of revenue equated to $3.29 earnings per share — $0.43 higher than Wall Street predicted.

NFLX earnings per share (expected and actual) via CoinCodex

Netflix revealed in a letter to shareholders that it continues to prioritize global growth, and highlighted its paid sharing feature as a key reason why there was a marked increase to total paid memberships. Netflix remains on track to meet its target profit

NFLX has now beaten Wall Street’s earnings per share expectations for 7 consecutive quarters. In response, Wall Street investors have forecasted a 12% jump for NFLX over the coming year.

Algorithm predicts 182.46% price rise for NFLX over next 12 months, trader picks out $440 price target in near-term

1-Year NFLX price prediction, via CoinCodex

The algorithm created by CoinCodex further reinforces bullish NFLX price predictions over the next 12 months, targeting a new all-time high above the $1000 price level. In total, the algorithm expects NFLX to rise by 182.46%. This would take NFLX to $1214.54 before 2nd September 2024.

NFLX back-tests support on the daily timeframe, looks ready to attack range high

AMIT-RAJAN, who shared his NFLX trading set-up on TradingView, has highlighted that NFLX recently fell below support at $413.08 before quickly reclaiming the level. This reclaim formed a swing failure pattern (SFP), and NFLX has since held the level as support.

NFLX near-term support and resistance, credit to AMIT-RAJAN via TradingView

From here, the trader expects NFLX to make progress back towards its range high at $440. This area saw a failed breakout attempt midway through July, and AMIT-RAJAN expects NFLX to retry the level once again.

Bottom line: Bullish NFLX price predictions, both short- and long-term

Netflix’s continued outperformance in terms of earnings per share has led to agreement from analysts that the stock price is ready to rise. Institutional investors, retail investors, and CoinCodex’s algorithm are all expecting price appreciation, in line with the company’s consistent profitability and ongoing global growth campaign.

Short term traders can expect NFLX to target its multi-month range high in the coming weeks, while long term investors are expected to see significant movement to the upside over the next 12 months — including, notably, a new all-time high prediction from the algorithm.