Netflix, Inc. (NFLX) continues atop the leaderboard moving into today’s final 30 minutes of trading. The stock is higher on the session by $9.00 to $221.82 a share following Credit Suisse’s upgrade to Outperform from Neutral. For a moment there NFLX seemed to have reached the end of a period of distribution at the top of a major uptrend; the break down through strong support areas of $207.50 and $202.00 ; from Feb. 14 to March 9, gave all the indications that perhaps a reversal was taking place. The stock however, has already staged a decent bounce off of its $192.99, March 9 level, helping to alleviate some of the “oversold” conditions that were significantly more pronounced than they are now, which means that the SS areas mentioned above now have gained some of their initial significance as a result.
Traders can watch the $223.37 area near term intra-day resistance.
From a valuation perspective, Netflix shares trade at a 5.33x on a price to sales basis. The ticker has a trailing P/E of 75.10, a forward P/E of 35.34 and a P/E to Growth ratio of 1.66. The median Wall Street price target on the stock is $220.00 with a high target of $330.00
At last check, NFLX was up $9.24, or 4.34%, to $222.08. Day’s range: $218.00 – $222.70 ; 52wk range: $70.05 – $247.55. Volume: 6 million shares traded as of 3:28 p.m. EST vs 5.4 million daily (3m) average.
Separately: Netflix is ticking higher into the close after Jim Cramer on CNBC said NFLX is worth double the current price.