Netflix stock appears to be one to avoid after the video-streaming company reported lower-than-expected subscriber growth, several experts said Wednesday.
Third-quarter earnings of 96 cents per share on revenue of $1.41 billion came in on par with Wall Street expectations, but the company's new subscribers were below the expected 3.02 million number. Shares ended the day at $448.59, down 0.12 percent, but sold off another 20 percent after the results were announced.
Wedbush Securities Analyst Michael Pachter who had been bearish on Netflix shares weighed in on CNBC's "Fast Money."
"I think you can call me a blind squirrel and I found a nut, but who knows if this'll last," he said. "I think the stock really has traded on domestic subscriber additions, and I think that the bulls believed that Netflix was headed to 100 or 120 million subscribers, which means, you know, 60 (million) in the U.S."
Netflix reported total subscribers at 53.06 million for the third quarter.