Netflix Inc NFLX is trading higher Thursday morning after Pershing Square's Bill Ackman announced he bought more than 3.1 million shares of the streaming giant, making Pershing Square a top-20 shareholder in the company.
Ackman expressed admiration for Netflix co-founder and co-CEO Reed Hastings and "the remarkable company he and his team have built."
In a letter to shareholders, Ackman noted that he began buying shares last Friday and has continued buying over the last several days.
The opportunity to buy Netflix shares "at an attractive valuation" comes as a result of the sell-off that took place following the company's latest quarterly results.
"Netflix is a primary beneficiary of the growth in streaming and the decline in linear TV," Ackman said before highlighting favorable characteristics of the stock.
Related Link: Bill Ackman Buys Large Netflix Stake: Here's Why He's Bullish
NFLX Price Action: Netflix has traded as low as $351.46 and as high as $700.98 over a 52-week period.
The stock was up 6.74% at $384.11 at time of publication.
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