Stranger Things season 3 is driving Netflix stock

Netflix (NASDAQ: NFLX) is proving time and again why it is the best at original content streaming. In yet another show of success, the company announced late on Monday record viewership for the third and latest season of science fiction horror web series Stranger Things.

On its official Twitter account, the Los Gatos, California-based firm said, “40.7 million household accounts have been watching the show since its July 4 global launch — more than any other film or series in its first four days. And 18.2 million have already finished the entire season.”

The previous season of the show, created by the Duffer
Brothers, had only about 15 million viewers in the first three days.  

The record-breaking viewership resonated in the stock market
as well, with NFLX stock climbing almost 2% on Tuesday. Netflix shares have
gained 43% since the beginning of this year.

The announcement was followed by an optimistic note by Justin Patterson of Raymond James, who said the viewership accounts for 26% of the streaming service’s overall paid subscriber base.      

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“As the content breadth and quality improve and drive more engagement, we see further pricing upside,” he added.

In general, the market is highly optimistic on the stock, with 24 out of 30 analysts recommending Buy. The stock has a 12-month average price target of $422.32, suggesting a 12% upside from the last close.

The streaming giant is slated to report second-quarter
financial results on July 17, Wednesday.

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