Netflix stock appears to have flatlined despite popular programming, such as Saturday's championship boxing match where Terence Crawford defeated Canelo Alvarez.
That fight drew over 41 million viewers worldwide, Netflix reported. The Canelo-Crawford match peaked at over 24 million concurrent streams, the internet television network said.
Meanwhile, Netflix stock is on the mat. It is trading below its 50-day moving average line, a bearish sign.
Netflix stock has traded sideways for three months. It's in the lower half of a 12-week flat base with a buy point of 1,341.15, according to IBD MarketSurge charts.
On the stock market today, Netflix dipped a fraction to close at 1,200.51.
The relative strength line for Netflix stock has been sagging as it underperforms the broader market. Meanwhile, its Accumulation/Distribution Rating of D- indicates heavy institutional selling.
However, Netflix subscribers seem pleased with the service, with strong viewership for original programs like "Wednesday," "My Life with the Walter Boys" and "KPop Demon Hunters."
Still, Netflix stock is on the IBD Leaderboard list.
Netflix announced Monday that it will report its third-quarter results on Oct. 21. That could be the next catalyst for Netflix shares.
Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
