The heavy volume of trading over the past nine days suggests many investors are cashing in on their big gains.
Netflix's disappointing quarter reported last Wednesday has caused the streaming darling of Wall Street to shed more than $24 billion in value in six days as the stock has sunk 15 percent.
To be sure, long-time holders of Netflix stock have profited mightily as its shares have surged 3,300 percent in less than nine years, but analysts don't expect anything near that sort of return going forward, and the heavy volume of trading over the past nine days suggests many investors are cashing in on their big gains.
On the horizon, of course, is more competition coming from Disney, Apple, WarnerMedia, NBCUniversal and others, which will lead to Netflix having to create more of its own content as it loses access to a lot of third-party movies and TV shows, and Jayant says: "We continue to see the proliferation of new Internet TV services as a bigger threat to Netflix's content costs than subscriber growth.
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