Pro: Netflix Could Be 5 To 10 Times Bigger In The Long Term

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However, it may be premature and erroneous to count Netflix out, and the company certainly has its share of bullish analysts and investors, including angel investor Jason Calacanis.

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Competitive Threats

Speaking as a guest on CNBC's "Squawk Alley" show on Tuesday, Calacanis pointed out that Netflix's original show "Stranger Things" is a hit show based on its ratings on Metacritic.

He continued that if Netflix continues to put up "amazing content" over the long term then the company could be "5 to 10 times bigger in the coming years."

A major case against owning Netflix's stock is the growing competitive landscape in the online streaming video segment. According to Calacanis, Netflix's biggest competitor, Amazon.com, Inc. AMZN is only making "some inroad" with its Prime Video.

"The video portion of Amazon's business seems like a front to get more people to become addicted to ordering products on Amazon," he said.

However, Calacanis expects to see Apple Inc. AAPL becoming more involved in the space and is already "dipping their toes" with an unscripted TV show about building apps.

Finally, Calacanis likes Netflix's move to raise prices on its user base and expects the company to use the money to further build out its content.

Bottom line, Calacanis has "huge faith" in Netflix's ability to overcome any short-term pain and continue growing its business.