Top Netflix Short Seller, “I Covered!”

When no one else dared to short Netflix, one man stood alone.

Back in February Len Brecken of Brecken Capital told us Netflix would fall 70% within 12 months. “I think it goes well under $70," he said at the time.

That was a bold call because in February upside momentum was strong with some pundits saying the sky was the proverbial limit.

But the sky wasn't the limit.

For the past 3 months shares have been falling - sharply. And on Tuesday Netflix stock closed just slightly north of $70, Brecken's price target.

How is he trading it now?

Brecken tells us, “I’m not short the stock, anymore. I’m not involved. I don’t hold a position, anymore.” He covered the short on the leg down to $100.

Essentially Brecken says after Netflix broke $100 he made a decision that he’d be better served to put money to work elsewhere.

Of course, we can’t help but wonder - if a short-seller like Brecken is out, has Netflix found a bottom?

We want to know what you think! Tell us what you think in the comments at the bottom of the page!

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