Carl Icahn Sells Block of Netflix Shares; Fuels Large Downside in Netflix
After a move of over nine percent to the downside in Netflix (NASDAQ: NFLX) during Tuesday's session, Carl Icahn came out with a tweet revealing some of the fuel behind the downside:
Sold block of NFLX today. Wish to thank Reed Hastings, Ted Sarandos, NFLX team, and last but not least Kevin Spacey: http://t.co/BRWpKOBfD2
— Carl Icahn (@Carl_C_Icahn) October 22, 2013
The size of Icahn's sale was 2.99 million shares, leaving Icahn with 2.66 million shares remaining in the position. In his letter he stated that he sold the shares following a 457 percent increase after buying them at an average price of $58 per share.
Later on in his letter to shareholders, Icahn stated that he still believed Netflix stock "remains significantly undervalued", while also stating that Netflix as a product remains "one of the great consumer bargains of our time."
Following the disclosure, Netflix shares continued to show weakness, falling another 2.80 percent to $314.44.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.