Netflix Down Over 4% on the Session

Netflix (NASDAQ: NFLX) is having yet another down day as the shares of this once beloved movie service are trading over 4 percent lower. Earlier today Canaccord reiterated its Sell rating on the Netflix and lowered the price target from $60 to $57.

Since the company hiked the subscription prices in July, it has lost nearly 80 percent of its value. The company is facing increasing competition by Blockbuster that was acquired by Dish Network (NASDAQ: DISH) earlier this year and also the cable companies like Comcast (NASDAQ: CMCSA) are offering on-demand services with quality content.

Netflix is currently trading at $66.71, a loss of $3.24 or 4.63%.