Netflix Stock: All-Time High Ahead of Q3 Earnings

Netflix's stock reached a new record of $735.98 on Friday, closing slightly lower amidst an impressive 340% rally since mid-2022. Investors eagerly anticipate Thursday's post-market Q3 earnings report, with analysts projecting an average price target of $663.57. Despite the recent surge, some experts see further potential, as the stock trades just 1.77% below its 52-week peak. The streaming giant's Q2 results showcased robust growth, with revenue climbing 16.35% year-over-year to $9.53 billion and earnings per share hitting $4.99.

Technical Analysis Hints at Potential Movement

Market observers have identified a small wedge pattern in Netflix's stock chart, potentially signaling an imminent price movement coinciding with the upcoming financial results. This technical formation, coupled with the stock's impressive 94.22% year-to-date performance, reflects sustained investor confidence in the company's growth prospects. Analysts and investors will scrutinize the Q3 figures for insights into Netflix's future trajectory, with expectations of $19.16 earnings per share for the full year 2024.