Capital Research Reports 10.5 Percent Stake in Netflix
Meanwhile, Netflix CEO Reed Hastings bought $1 million in shares of Facebook, on whose board he sits.
Investment firm Capital Research Global Investors has acquired a 10.5 percent stake in Netflix, according to a regulatory filing.
The firm bought Netflix shares during the second quarter as it had not disclosed any stake in the video streaming company as of March 31.
The stock of the video streaming giant has declined in recent months. That could signal that Capital Research sees upside ahead for the shares of Netflix, even though the value of its stake has declined this quarter.
After all, Netflix's stock earlier this month hit a new 52-week low of $52.81. That was well below its 52-week high of $247.85 set in mid-August 2011.
On Friday, the stock closed at $59.90, giving Netflix a market value of $3.3 billion.
The investment firm disclosed its stake in Netflix in a filing with the Securities and Exchange Commission late Friday. It didn't comment on it further.
Meanwhile, Netflix CEO Reed Hastings has acquired $1 million in Facebook. He sits on the board of the social networking giant.
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