Netflix shares continued its losing run following the release of disappointing net subscriber additions for 2017 and stayed at the red territory on Tuesday despite a bullish outlook on price targets from numerous firms.
Shares of the giant streaming media firm in the stock market logged its second straight loss in three days, dropping more than 2% on Wednesday to settle at $139.76, its worst performance in almost five months, from 12.36 million shares on 88 845 trades.
On the previous day, its shares cruised 2.8% down to close at $143.75 following the release of the first quarter performance of the firm, where it reported that it added 4.95 million new subscribers in the first three months, missing consensus expectations of 5.3 million.
Despite disappointing net subscriber additions in the first quarter this year, some companies still have their confidence with Netflix Inc. in the stock market as they gave the firm bullish perspectives on their price targets.
Cannaccord Genuity upgraded its price target for stocks of Netflix, putting it at $165 from $160 per share, showing its confidence with company after it reported a 40 cents earning per share last Monday, smashing analysts’ expectations of just 37 cents.
Uber-bears like Wedbush also has positive sentiment about the streaming company as it moved up its price target to $73 from $68 per share but still remained as the lowest price on Wall Street.