- Netflix Inc (NASDAQ: NFLX) recently reported its earnings. In the earnings report, the streaming giant announced an increase of 15.8 million paid subscribers
Netflix Inc (NASDAQ: NFLX) recently reported its earnings. In the earnings report, the streaming giant announced an increase of 15.8 million paid subscribers. This is much higher than expected.
The jump in subscribers is largely attributed to the stay-at-home orders associated with the COVID-19 pandemic.
Mark Newton, founder and president of Newton Advisors, said that Netflix’s stock “actually looks like quite attractive” in an interview with CNBC’s “Trading Nation.”
“At a time when very few stocks are above the 200 day moving average, only about 12%, not only is this one above its 200 but it’s back at new all-time high territory so you know it’s always good to find the stocks that are showing good relative strength during times like this,” said Newton.
Newton also pointed out that Netflix has “become the new infrastructure play.”
Netflix is currently trading at about $433.83. And Newton believes that Netflix’s stock will push up to $480 in the months ahead and potentially hit $533.
In Netflix’s earnings report, the company said that its first-quarter earnings were $709 million ($1.57 a share) compared with $344 million, (76 cents a share) for the year-ago period. The company’s revenue grew to $5.77 billion from $4.52 billion in the year-ago period.
