The bulls are now running away from Netflix along with many of the company's angry customers, upset over a 60 percent price increase last week.
Netflix's stock is down $9.50 per share, or 3.31 percent, in trading before noon on Monday.
Netflix was among other tech stocks showing weak performance in the market Monday after Pacific Crest cut its rating on the online video-streaming company's stock. Equities research analysts at Pacific Crest downgraded shares of Netflix from an "outperform" rating to a "sector perform" rating in a research note to investors on Monday.
Netflix traded up last week on news that the company was increasing the price of its unlimited streaming video and DVD-by-mail services for 60 percent per month, from $9.99 to $15.98. Some of Netflix's 23 million subscribers complained to the company and through Internet posts about the price hike, saying the would abandon the service.
Shareholders liked the price increase, however, sending Netflix shares up on the news last week.
But Monday's ratings change from one analyst was greeted by the upbeat mood of another. Analysts at Piper Jaffray raised their target price on shares of Netflix last week to $330 per share.
Netflix was trading at $277 on Monday.