Netflix (NFLX) Shares Get a Boost As Company Beats Earnings

Netflix, Inc. (NFLX) is a big mover this session with its shares surging 16% on the day. Shares gained momentum after the online streaming media company reported 2Q15 revenue of $1.64 billion from $1.34 billion e year earlier. The company also said it added 3.28 million subscribers in the quarter, and booked quarterly profit of six cents a share, two pennies above analyst forecasts.

Today’s stock surge, which comes on solid volume with the issue trading 47.2 million shares compared to the average volume of 19.5 million, comes as a number of Wall Street firms including Goldman (GS) , Citi (C), Piper, JP Morgan (JPM) and others upped their price targets on shares. That said, the current average price target for Netflix is $109.00, 4.54% below where shares trade Thursday.

NFLX shares recently gained $16.16 to $114.29. The stock is up more than 52% year-over-year and has gained roughly 125% year-to-date. In the past 52 weeks, shares of Los Gatos, California-based company have traded between a low of $45.08 and a high of $114.72.

Netflix, Inc. closed Wednesday at $98.13.The name has a current market cap of $48.50 billion.

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About Ari Haruni 141 Articles
Ari Haruni is the Co-Founder & CEO of Wall Street Pit.

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