Netflix, Inc. (NASDAQ:NFLX) is having a great time in the Wall Street since the beginning of 2015. The stock price went up by around 40% since the beginning of the year. This tremendous growth can be attributed to a very successful earnings reports in January, where Netflix, Inc. (NASDAQ:NFLX) managed to beat the estimates for subscriber growth. The stock is now trading very close to its all-time high at $474.88 per share. Fast Money traders Guy Adami, Pete Najarian and Steve Grasso talked on CNBC about their play on the Netflix, Inc. (NASDAQ:NFLX) stock at the moment.
Adami said that he was right about double bottom at $320 in May and December. Though, he accepted that he was wrong about the stock dropping at $405 as the stock started growing post this mark and is currently trading very close to its September high. He shared his opinion on how to trade Netflix, Inc. (NASDAQ:NFLX) stock at the moment.
“This is the stock now trading at 80 times forward earnings. It absolutely need to close above $480 for a couple of days […]. So how do you trade it? I think you buy the break out over $480 and just cross your fingers,” Adami said.
On the other hand, Najarian asked investors to stay away from Netflix, Inc. (NASDAQ:NFLX). He said that he is expecting the stock to pull back for the moment and he advised investors to wait for the bottom as the stock keeps doing this. He believes that Netflix, Inc. (NASDAQ:NFLX) has a strong growth potential globally and this global growth would push the stock higher as soon as it pulls back.
Grasso said that Netflix, Inc. (NASDAQ:NFLX) stock is heading towards $500 and still buyable.
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