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There may soon be another chance to buy the only FAANG title reaching new heights this month.
Netflix shares have resisted the sale of FAANG’s other names – Facebook, Amazon, Apple and Google’s parent Alphabet – and the broader tech sector over the past month, reaching new all-time highs.
The rise comes as the streaming giant’s “Squid Game” series explodes in popularity, the most-watched in at least 90 countries and a key catalyst for the recent surge in Netflix app downloads.
Netflix’s next earnings report, scheduled for Oct. 19, could create an entry point for its action, New Street Advisors Group founder and CEO Delano Saporu told CNBC’s Trading Nation on Wednesday.
“There is still more room to run,” said Saporu. “I was looking at that 610 mark, which is pretty much the most recent high level. We’ve obviously passed that and I think there will be more room to run for the winnings.”
With the stock trading around $ 637 per share on Thursday, Saporu said too high expectations could create downward pressure ahead of the report’s release.
“This could lead to a pullback where investors could look for a buying opportunity at that point,” he said. “If you’re an investor right now, we’re running into uncharted territory when it comes to the stock, so you can wait and watch what’s going on at the earnings level and see if there’s an opportunity there. But I still love and am optimistic about Netflix. “
Netflix has also broken through key resistance, which means there could be more potential, Blue Line Capital founder and chairman Bill Baruch said in the same interview.
“If you are a dynamic trader, you have your risk management in place,” said Baruch. “You get long and you put a stop somewhere around 620 or so and you keep it very tight. If this thing keeps popping and stays above that trendline, you stay long.”
Baruch added that he would rather own shares in Netflix and a travel company such as Expedia rather than Disney entertainment and theme park.
“Disney doesn’t really do it for me,” he said. “Unfortunately, I don’t own Netflix and sort of slept on the pullout, but I would love the opportunity to see Netflix come back into a buy range. Like Delano said, wait for the profits, wait for a withdrawal and I think you might have an opportunity. “
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