Netflix Stock Hits All-Time High
Netflix's stock has surpassed $306 a share, representing an all-time high for the streaming service.
In early trading, the stock is up more than 4 percent, or $12 per share, as investors seem happy about the company's announcement of a deal with U.K. cable giant Virgin Media. That deal will incorporate Netflix's VOD service into a pay TV offering in an industry first. Analysts believe it could be the sign of more deals and further growth ahead.
Crossing the $300-a-share mark is an achievement for the company, run by chief executive Reed Hastings. The last time Netflix sniffed $300 was in July 2011, when it made its then-controversial decision to split its DVD rental and online streaming businesses. Since then, with the exception of its ill-fated Quixster experiment, the company has been on a roll with some 30 million subscribers and more than a billion dollars in quarterly revenue being reported. This year alone, Netflix's stock is up more than 219 percent.
Netflix has also done well in its investments in original programming, including House of Cards, the return of Arrested Development and its latest success in Orange Is the New Black. These series have earned the company 14 Emmy nominations, including nine alone for House of Cards. Its newest original, Derek, starring Ricky Gervais, is set to be released later this week.
Parties are planned to celebrate the success. Last night, the company announced that it would host an Emmy party, going up against HBO's directly after the show on Sunday, Sept. 22.