Wall Street analysts get nervous about Netflix

Reed Hastings, CEO of Netflix
Harriet Taylor | CNBC
Reed Hastings, CEO of Netflix

Normally, Wall Street analysts don't downgrade a stock the day of an all-time high.

Why rain on your clients' parade?

But an analyst from Societe Generale did just that to Netflix on Wednesday, cutting the shares all the way to "sell" from "buy" at noon ET just after shares of the video streaming company hit $706.24, making them a double for 2015.

Citigroup's Mark May piled on Thursday morning with a downgrade to "neutral" from "buy."

Not to mention the man who started it all, activist-turned-amazing stock picker Carl Icahn, who caused the Wednesday bearish turnaround in the stock by saying he sold out of the last of his Netflix stake.

After these three strikes, Netflix's stock is off more than 7 percent from that all-time high.

Here's what's got Wall Street so concerned...