On November 17, 2020, shares of video streaming leader Netflix, Inc. (NASDAQ:NFLX) surged to $700.99. Since then, with the pandemic under wraps and workers back at the office, the demand for home entertainment has declined, which has led to a sell-off of Netflix stock.
NFLX stock plummeted to a 52-week low of $162.71 on June 12, 2022, down by 70% from its 52-week high of $544.27 (set on January 12, 2022) and down by 77% from its aforementioned record high in November 2020.
Since June 12, 2022, however, shares of Netflix Inc have rallied by 102% to $332.00. Given that rally, chasing Netflix stock at this point is risky, especially if market sentiment turns downward.
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