Following a trend of significant growth, movie rental service provider Netflix’s (NASDAQ:NFLX) shares dipped today by around 4 percent, to $181.56 per share, at 3:15 PM EST. The shares were worth $189.37 at close last Friday, March 1.
The drop is fueling speculations about Carl Icahn, who was rumored to have been contemplating selling his shares in the company. Icahn bought a 10 percent stake in the company last November, at roughly $58 per share, according to iStockAnalyst.
Towards the end of January, Netflix saw its stock value explode, soaring from $103.26 to $169.26 over the course of two days. It went on to peak at $196.45 on February 19, before floating back to hover around the $185 mark.
In light of the Icahn speculations, the recent stock dip — which dropped as low as $177.33 per share at noon EST on Monday — could suggest that investors are looking to cash in their shares for profits, and not risk riding the wave long enough to see the value deflate.
Copyright Wall St. Cheat Street. All rights reserved.