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Why Netflix shares could tumble to $100: Pro

Netflix fundamentals in long-term decline: Pro

With the Nasdaq leaving no mercy for high-fliers, one analyst is making a big call on Netflix stock—$100 per share.

Netflix stock declined 5.18 percent Thursday, closing at $334.73 per share.

Despite a short-lived three-day rally, Netflix is underperforming the by nearly 8 percent this year. So has the streaming-movie provider dug its own grave?

"A hundred bucks, that's about right. That's a single-digit growth for maybe five or 10 more years, and that's how you get to $100," New Constructs CEO David Trainer told CNBC's "Fast Money" on Thursday. "And I think that's a fair expectation for a company that's completely boxed in now. They've got no competitive edge."

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Trainer, who is short Netflix stock, cited a broken business model, valuation and reversal in the momentum as key reasons to get short the name.

First, competitors are taking a bite out of Netflix's market share, he argued. As Yahoo and Amazon jump into the streaming scene, bidding wars for content will continue to heat up. In the past week, Yahoo announced plans to ramp up its online programming, and Amazon unveiled its Fire TV streaming media device.

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A recent explosion into the space is all the more reason for investors to get out of dead money, Trainer said.

Secondly, momentum stocks trading at rich levels are the first to get hit, he added.

"Why pay for a service that has been equated to a public library. A middleman that stores content and streams it over the Internet," Trainer said. "Why should consumers pay for a service that's crowded with cheaper content providers? With that said, the glory days are behind it."

Read More Fire TV: Roku competitor unveiled by Amazon

Finally, bulls lingering in the name base their thesis on one flaw: international growth, he said.

"Netflix is losing its competitive edge, losing pricing power domestically," Trainer noted.