Netflix's top-line beat from Thursday night is finally paying off
For now, Netflix Inc (NASDAQ:NFLX) stock is bucking the broad-market tech selloff. NFLX was last seen up 1.5% to trade at $988.01, after the streaming giant reported a first-quarter earnings and revenue beat last Thursday night. The company cited increased forecast subscription and advertising dollars as the main catalysts for the top-line beat. This morning, no fewer than 12 brokerages hiked their price target, the loftiest to $1,350 at Pivotal Research.
Netflix initially traded as high as $1,018.99 out of the gate today. The shares are now 11% higher in 2025 and up 78% year-over-year, with support stepping up at their ascending 200-day moving average. The equity's Feb. 14 record high of $1,064.50 looms just above.
Options traders been eyeing puts at a greater pace lately, though calls still win out on absolute volume. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), NFLX's 50-day put/call volume ratio of 0.87 ranks in 99th percentile of its annual range.
Today, calls win out. In just the first hour of trading, 82,000 calls have changed hands, volume that's triple e the average intraday amount. The weekly 4/25 1,050 strike is the most popular, followed closely by the 1,100 strike in the same series, with new positions being bought to open at both.