Netflix shares hit a fresh all-time high on Monday on upbeat third-quarter subscriber growth

Shares of Netflix Inc (NFLX) reached a fresh record-high level yesterday, as third-quarter subscriber growth outstripped market expectations.

Netflix shares closed higher for a third consecutive trading session on Monday. The stock went up 1.60% ($3.19) to $202.68, after touching an intraday high at $202.83 and also a fresh all-time high. After-hours trade saw the stock extending gains to $206.00.

In pre-market session on Tuesday, Netflix shares were gaining 2.13% on the day to trade at $207.00.

In the week ended on October 15th the shares of the Internet television network added 0.74% to their market value compared to a week ago, which marked a second consecutive period of gains. It has been the smallest increase since the week ended on July 9th.

The stock has extended its advance to 11.76% so far during the current month, following a 3.80% surge in September. The latter has been the eighth gain out of ten months.

For the entire past year, the shares of the NASDAQ-listed company rose 8.24%. The stock has gained another 63.72% so far in 2017.

850 000 streaming additions were reported in the United States during the past quarter. In comparison, analysts on average had anticipated 774 000 new subscribers.

At the same time, international streaming additions were 4.45 million during the quarter, which brought the total number of new subscribers to 5.30 million. The median forecast by analysts had pointed to 3.72 million international streaming additions and 4.50 million total streaming additions.

The companys streaming contribution margin in the United States decreased to 35.8% during the past quarter due to an earlier-than-expected closure of some content deals, while its international contribution margin was reported at 4.7%.

Netflix now projects 1.25 million local streaming additions and 5.05 million international additions during the fourth quarter.

According to CNN Money, the 39 analysts, offering 12-month forecasts regarding Netflix Inc’s stock price, have a median target of $200.00, with a high estimate of $230.00 and a low estimate of $73.00. The median estimate is a 1.32% decrease compared to the closing price of $202.68 on October 16th.

The same media also reported that 24 out of 43 surveyed investment analysts had rated Netflix Inc’s stock as “Buy”, while 12 – as “Hold”. On the other hand, 3 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Netflix stock are presented as follows:

R1 – $203.14
R2 – $203.59
R3 (Range Resistance – Sell) – $204.05
R4 (Long Breakout) – $205.41
R5 (Breakout Target 1) – $207.01
R6 (Breakout Target 2) – $207.77

S1 – $202.22
S2 – $201.77
S3 (Range Support – Buy) – $201.31
S4 (Short Breakout) – $199.95
S5 (Breakout Target 1) – $198.35
S6 (Breakout Target 2) – $197.59

By using the traditional method of calculation, the weekly levels of importance for Netflix Inc (NFLX) are presented as follows:

Central Pivot Point – $197.47
R1 – $202.84
R2 – $206.19
R3 – $211.56
R4 – $216.93

S1 – $194.12
S2 – $188.75
S3 – $185.40
S4 – $182.05