Netflix Plunges Despite Bullish Report By MKM Partners

Shares of

closed lower by 6.8 percent at $91.15 on Wednesday. The last time shares of Netflix traded below the $90 per share mark was back in July 2015.

Investors and traders heavily sold Netflix's stock despite the release of a bullish analyst report by MKM Partners' Rob Sanderson. The analyst acknowledged that while the current macro environment represents a "challenging" period for the stock, its fundamentals and long-term earnings power potential should support a multiple expansion. Related Link:

Sanderson maintained a Buy rating and $145 price target on Netflix's stock. On the other hand, investors and traders are still reacting to a

that

's Prime Video streaming service boasts more subscribers compared to Netflix's user base.