Netflix NFLX.O on Thursday announced a ten-for-one stock split, making the streaming company's shares more affordable for retail investors.

Shares of Netflix jumped over 3% in overnight trading.

The company said it would issue nine additional shares for each share held after close of trading on Nov 10, adding that the split will make its stock more accessible to employees participating in its stock option program.

Trading is expected to begin on a split-adjusted basis at the market open on November 17.

The streaming giant, which has benefited from a strong line-up of shows, including the recent success of the animated "KPop Demon Hunters", currently has a market capitalization of $461.44 billion, as of Thursday's close.

Its shares have risen more than 360% over the past three years, far outpacing media rivals Walt Disney and Comcast. The stock was up about 3% at $1,123.49 in extended trading.

This marks Netflix's third stock split since it went public in 2002, with the last one in 2019 that reduced the company's per-share price to about $100 from $700.

"A split will make it easier for small investors to buy in but it doesn't change anything about the company or its attractiveness to institutional investors who drive the market," said Ross Benes, senior analyst at EMarketer.

Netflix's forward price-to-earnings multiple (P/E), a common benchmark for valuing stocks, is 45.96, compared with Walt Disney's 17.54 and Comcast's 6.89.