Netflix Trades in a Tight Range Ahead of Earnings

Netflix will release its latest earnings on Thursday after the US market closes. On Friday, Traders can expect a test of the recent range.

NFLX – Daily Chart

NFLX – Daily Chart 

NFLX has been trading between the $640 and $610.90 levels, and a break of either level will require some follow-through. 

The dominant streaming service is getting ready to release its first-quarter 2024 earnings. Investors and Wall Street analysts will closely monitor its subscriber growth, advertising tier, and password-sharing crackdown momentum. 

Investors will also be watching for commentary on content, including a film division reorganisation under new executive Dan Lin. Netflix stock has been on an upswing in 2024, gaining 30% year-to-date. That was much higher than the 6.7% gains of the S&P 500 index

Management guided first-quarter subscriber growth to be below the seasonally more substantial fourth-quarter gain of 13.1 million but up from the 1.7 million increase recorded a year ago. That will give the stock a buffer for weak numbers and may even allow for an upside surprise. The streaming leader had 260 million subscribers at the end of last year. 

TD Cowen analyst John Blackledge held his “buy” rating on Netflix in a recent report but raised his price target by $125 to $725. “We raised first-quarter/full-year 2024 subscriber estimates and now expect a paid first-quarter addition of 5.11 million,” he wrote. 

The analyst added that he will look for updates on the company’s new ad-supported pricing tier. He said that recent research at the firm showed Netflix was the most popular for home viewing, and TikTok viewing was starting to slow. A recent attempt to ban or force a sale of the short video firm may have affected that. 

Traders should look for the stock to test the upper or lower bound of the recent trading range and watch for a breakout from a recent tight trading range.

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