Netflix Jumps to New 52-week High As Stay at Home Stocks Rally

With the lockdown going on in many parts of the country, more people are opting to watch streaming giant Netflix.

The stock soared 7% on Monday and even hit a new 52-week high of $400.51 per share before closing at $396.72.

Investors have been moving to stay-at-home stocks, citing increased consumer demand.

Investment bank William Blair had remarked late last month that Netflix may see an increase in subscribers because people are stuck at home spending more time watching video services.

Needham had also suggested however that coronavirus could be bad for Netflix, since it’s seen as a luxury good for people who may be cutting back on expenses.

As of Monday, there are more than 558,526 confirmed cases and at least 22,146 deaths in the U.S., according to Johns Hopkins University.

Shares of Netflix are now up over 22% YTD.

Disclaimer: We have no position in Netflix Inc. (NASDAQ: NFLX) and have not been compensated for this article.