Netflix shares have risen more than 10% in the last two weeks, despite the sale in the broader market, including big names like Facebook, Apple, Amazon and Google. A few days ago it reached a new all-time high of $ 646.
The rise in share price comes as its new Squid Game series gains popularity around the world. The series has quickly become the most watched series in at least 90 countries. The streaming giant has seen a surge in app downloads after the series began. The survival thriller earned an impressive 100% “Fresh” on the Rotten Tomatoes website.
What You Need To Know
Netflix made history at the Emmy Awards last week. The streaming pioneer won 44 trophies this year, more than any other streaming network or service. To paraphrase the company’s achievement, Netflix won more than twice as many awards as HBO and HBO Max, which took home 19 awards. Walt Disney’s Disney + streaming service rounded out the top 3 with 14 Emmy Awards.
Two weeks ago, Netflix hosted its first worldwide fan event, Tudum, named for the sound effect that follows the Netflix logo at the beginning of each of its original programming. During the three-hour event, the company shared previews of more than 100 upcoming shows and movies, while also confirming the return of several fan favorites, including Stranger Things 4, a second season of Bridgerton, and the final season of Ozark. Netflix also confirmed the return of The Witcher, Tiger King, La Casa de Papel (Money Heist) and Sexual Education. The key takeaway is that Netflix is doubling down on its commitment to its growing library of original content that no other network or streaming service has rivaled.
Netflix will be announcing its third quarter result on 19 Oct. The management is forecasting 3.5 million new subscribers in the third quarter, more than double the second quarter additions.
Is it a buy?
Netflix (NASDAQ:NFLX) is definitely one of market leaders in the streaming industry, delivering strong results over the years. Its content strategy seems to work well in attracting new subscribers while retaining the old one. It always makes sense to collect its shares for long term investing. However, investors also need to be mindful that it is currently trading at its all time high.