On July 20, Netflix declined 3.13% in regular trading, trading at $66.795/share with turnover of $767 million, extending losses from last weeks Q2 earnings-driven selloff.

The decline was driven by a fresh wave of analyst downgrades on the same day. JPMorgan and Piper Sandler both cut their price targets to $85, while UBS lowered its target to $115 from $130. Meanwhile, options markets saw a notable $5.23 million in-the-money put combination trade, signaling institutional bearish positioning on the stock.

The persistent pressure stems from Netflixs Q2 results released on July 16, where revenue of $12.56 billion slightly missed the $12.58 billion consensus, and Q3 guidance of $12.86 billion in revenue and $0.82 EPS fell short of analyst expectations of $13 billion and $0.84 respectively. The company also announced it would reduce its engagement report frequency from semi-annual to annual starting next year, raising transparency concerns. Netflix shares have now fallen over 40% over the past twelve months.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)