Should You Sell Netflix Inc (NASDAQ:NFLX) After Icahn’s Exit?
Carl Icahn, the billionaire activist investor has made a pretty penny by cashing-in on the 457% gain that Netflix, Inc (NASDAQ:NFLX) shares have made since the time he acquired a 9% stake in the company, which was barely 14-months ago. Icahn had purchased the shares at the average-price of $58/share and has raked in profits in the range of $700-$800 million on the 3M shares that he sold-off over a period of 10 days, since 10 Oct, as per an SEC filing.
The larger chunk of the sale took place when Icahn sold 2.4M shares at a price of $341.44 for a total amount of $819 million. This particular sale was made on Tuesday, and it alone brought in a profit of approximately $645M. The billionaire still has a 4.5% stake in Netflix, Inc (NASDAQ:NFLX) which has dropped by 9.4% since June. That was when he had made information about his holdings, publicly known.
Luck takes Icahn a long way
Icahn Enterprises, which is Icahn’s company has around $29B in assets. He said that he was lucky enough to make a sizeable 457% total return in a matter if 14 months and that it was the perfect time to pull back a little , in terms of his holdings. In a tweet that he posted after the Sec filing, he said that he wanted to thank Ted Sarandos and Reed Hastings as well as the entire Netflix, Inc (NASDAQ:NFLX) team for the great job that they had done and he thanked Kevin Spacey as well.
In Tuesday’s trading, Netflix, Inc (NASDAQ:NFLX) dropped by 9.15%. The opening price of the shares was $387.84, which climbed to an intraday high of $389.16 and dipped to a close of $322.52. Approximately 25.87 million shares were traded on Tuesday while an average volume of 3.50 million shares were traded over a 30 day period. The 52-week low of Netflix, Inc (NASDAQ:NFLX) shares is $57.40 and its 52-week high is $389.16.