Friday 15 November 2019
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businessinsider - 7 days ago

A notorious short-seller pulls back on its bet against Netflix, saying international traction could boost the stock 20%

Andrew Left, the notorious short-seller who runs Citron Research, is pulling back on his bet against Netflix. Citron tweeted on Thursday that new data suggest international traction will boost the stock by 20% to $350 per share. Traders betting against Netflix lost $287 million in a single day in mid-October after shares surged 11% on strong earnings. Watch Netflix trade live on Markets Insider. A notorious short-seller is paring back a bet against Netflix, one of the most-shorted stocks on the US stock market. Citron Research, which is run by Andrew Left, announced in a tweet on Thursday that its changing its bearish position on Netflix based on new data around international subscribers. After years of making Elite short calls on $NFLX Citron is going Dark, the firm wrote in a tweet on Thursday. New data shows Intl traction might be The Mechanism to take the stock back to $350. Long $NFLX into next Q is the real Money Heist. The $350 figure represents almost 20% upside from where Netflix shares trades on Friday. The call also comes about three weeks after Netflix short sellers took a major beating following strong third-quarter results from the streaming giant. Traders betting against the stock saw about $287 million in mark-to-market losses on October 17, the day after Netflix reported earnings. While some of those positions might have been closed and losses recovered since then, the surge was still a shock for short sellers. In early January, the streaming company s shares were trading above $330 a piece, and Citron said investor s were as blind as Bird Box, referring to a Netflix movie starring Sandra Bullock. The firm predicted Netflix shares would fall back to the $300 level. Left is perhaps best known for the series of prescient short-seller reports he wrote on Valeant Pharmaceuticals, which ended up coming under fire for the fraud he helped highlight. His tweets have been known to move a stock instantly. Netflix s stock is up about 9.5% year-to-date. Join the conversation about this story NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the 3rd wave firms that are leading the next round of tech disruption


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