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Netflix Inc (NASDAQ:NFLX) shares are trading higher by 4.88% to $397.37 Tuesday morning. The company recently rolled out its password sharing crackdown. Additionally, the stock may also be up amid overall market strength on hopes of a debt ceiling resolution recently agreed in principle by President Joe Biden and House Speaker Kevin McCarthy, as well as broader tech strength.
On Tuesday, Netflix shares reached an impressive milestone, surging 34.72% year-to-date to a fresh 52-week high of $399.00. This remarkable growth may be partly attributed to recent reports in May, revealing that the company's ad-supported tier has garnered an impressive user base of nearly 5 million active subscribers worldwide.
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What Investors Need To Know
Netflix recently launched new features to help members with the password sharing transition, including transferring a profile to a new membership account and adding an extra member to their account for $7.99 a month.
Oppenheimer analyst Jason Helfstein maintained an Outperform rating on Netflix and raised the price target from $415 to $450.
Before Netflix's move, the analyst surveyed 1,800 U.S. NFLX consumers indicating a healthy propensity to pay for "remote" users, with some abandoned users willing to pay for their subscriptions...Read More
According to data from Benzinga Pro, NFLX has a 52-week high of $399.00 and a 52-week low of $164.28.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.