On July 21st, Netflix NFLX reported its quarterly earnings, beating Wall Street earnings per share estimates, but missing consensus revenue expectations. The top-line disappointment resulted in a steep sell off in NFLX in the following days.
Prior to the report, NFLX was trading above $120. In the wake of the revenue miss, the shares traded all the way down to below the $100 level. In recent trading sessions, however, bargain hunters have been scooping up NFLX shares in a major way. Durng the last 5 trading days, the stock has gained 13.64% to $116.48.
The trading activity suggests that investors are viewing the most recent quarter as a near-term setback, and continue to view NFLX's secular growth story favorably.
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