Shares of leading video-streamer Netflix (NFLX) sunk another 7% on Wednesday in what was another ugly day for Wall Street. Indeed, it's hard to believe that the former market darling has lost nearly 75% from its peak, just shy of $701 per share. The lockdown beneficiary has now surrendered its pandemic gains and then some. At a fresh five-year low, the former FAANG growth stock now trades at a modest 16.6 times trailing earnings. That's not just cheap; it's indicative of a potential value trap. The company has clocked in two straight quarters of weakness. It looks to be the start of a trend.
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