Netflix, Inc. (NASDAQ:NFLX) shares plunged as much as 5.18% on Thursday to $334.73, and sank another 0.82% to $332.76 in pre-market trading Friday. The stock has lost close to 25% of its value since last month. Netflix has underperformed the Nasdaq by about 8% this year.
David Trainer is shorting Netflix
New Constructs founder and CEO David Trainer said on CNBC’s Fast Money that Netflix, Inc. (NASDAQ:NFLX) is worth no more than $100. Trainer says the Internet streaming company has no competitive advantage. Trainer cited the company’s lofty valuation, a reversal in the momentum and broken business model to justify his point. He is shorting the stock.