– NFLX stock is taking a breather. See the market dynamics here.
What To Know: At the end of October, Netflix announced plans for a ten-for-one forward stock split aimed at resetting the market price of its common stock to a range that will be more accessible for employees who participate in the company’s stock option program.
Each shareholder of record as of the close of trading on Nov. 10 received nine additional shares for every share held on the record date. The stock began trading on a split-adjusted basis on Monday.
The split announcement came after Netflix reported third-quarter earnings in October that missed analyst expectations on the top and bottom lines. The company said revenue of $11.51 billion grew in line with its forecast and that it hit its highest quarterly view share in the U.S. and U.K. since the fourth quarter of 2022. The company guided for fourth-quarter revenue of $11.96 billion versus analyst estimates of $11.90 billion.
NFLX Analysis: Netflix is trading approximately 6.4% below its 50-day moving average of $117.39 and about 2.8% below its 200-day moving average of $113.07, indicating a bearish short-term trend relative to these key indicators.
The relative strength index (RSI) stands at 43.01, suggesting that the stock is in neutral territory, neither overbought nor oversold. This positioning may indicate potential for further movement in either direction, depending on upcoming market catalysts. The calculated support level is at $107.33, which could serve as a critical point for buyers to step in if the price continues to decline. Conversely, resistance is identified at $113.48, where selling pressure may increase.
NFLX Price Action: Netflix shares were up 0.07% at $111.28 at the time of publication on Monday. The stock is trading within its split-adjusted 52-week range of $80.93 to $134.11.
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