The American streaming giant keeps film buffs and investors hooked.
It all started in mid- 2018, when streaming giant Netflix took off to new highest. The stock was at $420 and kept rising above its competition. It was just a matter of time before Netflix stock took out $500, and then $600.
With more than 70% rise since its March 2020 lows, Netflix stock seems to be a good bet.
According to experts, the rice in stock over recent months is due to increased demand for streaming services on account of home confinement of people during the pandemic.
The global outburst of COVID-19 in 2020 led to lockdown throughout the world, which led to higher demand for streaming services. That was a blessing for the streaming giant, which added 8.51 million new subscribers in Q4 2020, much higher than its own forecast and analysts’ expectations of 6.06 million.
For the full year Netflix added 36.6 million subscribers, exceeding its previous record of 28.6 million in 2018. Thus, for the first time Netflix passed the 200 million subscriber milestone.
Given the strength and longevity of Netflix’s growth trends, it really is only a matter of time before Netflix stock hits $600. True, the road to $600 will be rough, with many ups and downs. But, the end result will be a $600 price tag, meaning the big downs are simply opportunities to buy.