Netflix stock price has turned around after a surprising quarterly result. The stock has regained the trust of investors and has made a comeback after sliding to the lower levels.
The recent quarterly results triggered a sharp gap-up opening of over 16% recovering the past 1 month losses. Thereafter, the bulls maintained the price near the round level of $400. The price then surged higher after bouncing back from the 50-day EMA.
Netflix Third Quarterly Earning Analysis
Netflix Inc. reported its third quarterly results on 18th October which surprised the estimates of Wall Street analysts. The company reported that ad plan membership is up almost 70% quarter over quarter.
The revenues for the current quarter were reported at $8.538 Billion slightly surpassing the analysts’ estimates. The earnings stood at $3.73 per share, surprising the Wall Street estimates. Netflix announced its advertising tier has reached 15 Million global active users which it gained a year after it was launched.
Netflix Stock Price Prediction 2023
NFLX stock price action analysis showcases that the trend has turned optimistic after the recent quarterly results. Earlier, the price fell sharply in mid-September when it suffered rejection from the $450 level. Thereafter, it continued to slide till the disclosure of the quarterly results was made.
Furthermore, the optimistic results have regained the trust of bulls which was seen as the price made a huge gap up opening of over 16%. The price formed a positive price action thereafter.
The NFLX stock price prediction for 2023 signifies a bullish outlook in the current quarter. The price has reclaimed the losses and may continue to form a higher highs pattern. According to the analysts, the NFLX price is expected to reach a round level of $500 by the end of 2023.
Netflix Stock Price Prediction 2024
Analysts offering yearly price forecasts for Netflix stock have a bullish outlook about the price trend and see a potential of over 38.77% on the upside. The price could reach a maximum of $600 by the end of the financial year 2024.
On the flip side, the minimum estimates of the analysts hope for a drawdown of 22.52% from the current market price and it may drop to a low of $335.
Conclusion
Netflix stock price has experienced a surge after a strong quarterly result that beat analysts’ estimates. The company reported a 70% increase in ad plan membership. The revenues reported were $8.53 Billion. The earnings per share were $3.73, higher than expected.
The results triggered a gap-up opening by 16% and took a rebound from the 50-day EMA after a pullback. The NFLX stock price prediction for 2023 is bullish, with a target of $500 by the end of the year. Analysts expect the price to reach $600 by 2024.
Technical Levels
- Support Levels: $393.9 and $355.6
- Resistance Levels: $449.1 and $483.6
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/11/04/nflx-stock-price-can-netflix-stock-reclaim-500-by-year-end/