Netflix Inc (NASDAQ:NFLX) shares are trading lower Friday on continued weakness following the company's worse-than-expected earnings results earlier this week.
Netflix reported a subscriber loss after the market closed on Tuesday and guided for a continued decline in its subscriber base. The streaming giant's stock has been trending sideways for most of the week following a sharp 35% decline on Wednesday.
Many investors have lost total interest in Netflix, but Ritholtz Wealth Management's Josh Brown sees opportunity in the pullback.
"I do think that the stock has been very much de-risked," Brown said Thursday on CNBC.
This isn't the first time Netflix shares have been obliterated, he said, adding that investors who bought the stock on past sell-offs were "richly rewarded."
Related Link: Is Netflix A 'De-Risked' Stock With Massive Upside Potential? This Investor Thinks So
NFLX Price Action: Netflix has traded between $211.52 and $700.98 over a 52-week period.
According to data from Benzinga Pro, the stock was down 1.02% at $216.01 at press time.
Photo: yousafbhutta from Pixabay.
