Manuel Asensio Shorting Netflix (NFLX)

Noted short-seller Manuel Asensio was on the Strategy Session with CNBC's David Faber and Gary Kaminsky today. Asensio is shorting shares of Netflix NFLX and has been short the name since August. Since Asensio initiated the short position, NFLX shares have risen 66%. Aensio said that the stock is overvalued by 4 or 5 times. He said that the earnings projections that are attached to NFLX are a complete fiction and that the stock will eventually plummet. NFLX has been pulling back in recent days despite a very strong broad market tape. On Friday, NFLX has lost another 2.47% and is trading at $188.61. A short position in NFLX with a tight stop certainly looks to make sense as a move lower could be significant given the stock's rich valuation and huge run.