Following a rather impressive Q4 earnings report, streaming giant Netflix (NFLX) has jumped another 11% in the last 24 hours as the stock is eyeing a surge to $1,000. Indeed, the company has enjoyed a monumental week. Moreover, it has recently sought to take advantage of its rising popularity.
The rising share price came after the entertainment titan announced it would be increasing prices across the board for US customers. Specifically, the company will now charge $17.99 for its subscription plan without advertisements, up from $15.49, according to ABC News. Moreover, the standard plan, including ads, will increase to $7.99, which is a single-dollar increase.
Also Read: Netflix (NFLX) Earnings Per Share to Jump 99%: Is Stock a Clear Buy?
Netflix Stock Skyrockets as Prices Jump: Where Will NFLX Go Now?
Amid the ever-changing viewership tendencies of the modern audience, Netflix has always held the distinction of being the first. Its subscription model completely changed the game and provided a clear avenue away from cable for many television viewers. However, they have lost notable market share in recent years.
With the rising popularity of streaming platforms, a plethora of competitors emerged. In no time, Netflix was losing ground to companies like Hulu, who were offering live television, to better compete for the attention of cable cutters. Yet, Netflix appears back in the driver’s seat, as strong earnings have NFLX surging more than 11% Wednesday, with eyes on $1,000.
Also Read: Netflix: NFLX Eyes $43B in 2025 Revenue as Stock Overperforms
Currently, the stock is trading at $963 and is expected to outperform the market over the next twelve months, according to CNN Data. Additionally, the company’s financials look incredibly strong. Its net income and earnings per share are both up 40% and 44%, respectively, over the last year.
The entertainment giant is currently outperforming its median price target. According to 55 analysts, the company is trading above its $825 projection. Now, it looks more in line with the high-end projection reported by CNN at $1,100. That would be an increase of 13% from its current position.
Its recent success has seen Macquarie among the first to raise its price target on Netflix. Specifically, they upped the first to $1,150 from its previous $965 figure. The earnings played a key role in that, but so too did subscriber counts. Especially, the platform saw users jump 19 million, the most ever, to total 302 million.