Shares of Netflix (NASDAQ:NFLX) fell as much as 6.9% in Monday's market session, reaching that low point near 2:45 p.m. EDT. The streaming video veteran's stock plunged alongside many stocks in the tech sector and elsewhere, shrugging off a mildly positive analyst note in the process.
Wall Street was unstable in general on Monday. Market participants were nervous as the Trump administration edged closer to an all-out trade war with China. Big tech stocks saw investors step back to reassess their positions. Netflix simply amplified the negative market tenor thanks to its lofty valuation. As of Friday's closing bell, the stock had doubled in value over the previous 52 weeks.
As noted above, Netflix actually had a little bit of positive news today that failed to outweigh the broader market slump. Analyst firm Baird raised its target price on Netflix shares from $240 to $280 while holding on to its neutral rating. Elsewhere, Netflix might be in the process of buying out EuropaCorp, legendary French director Luc Besson's production studio.
Don't cry for us Netflix investors, though. Even after today's drop, the stock is still trading 90% above its year-ago prices. The overarching focus on producing high-quality original content for its global network of streaming services is paying off in spades. If anything, the stock looks tempting at today's 17% discount from the $334 all-time high that was set just three weeks ago.