Netflix (NFLX) stock hit an all-time high on May 2 as shares of the movie and TV streaming platform continue their epic win streak.
NFLX stock has now risen for 11 consecutive days, the company’s longest ever rally. The stocks previous longest hot streak was a nine-day run in late 2018 and early 2019. At $1,157.75 per share, Netflix’s stock is currently trading at the highest level since the company went public in May 2002.
Propelling the current rally has been Netflix’s most recent financial results that were reported on April 17. The print saw the company’s revenue rise 13% during the year’s first quarter, driven by strong subscription numbers and advertising dollars on its global streaming platform.
NFLX stock has been one of the best-performers this year, with its share price up 30% since January. Netflix and its shareholders are benefitting from the fact that the company is largely immune to import tariffs and a trade war with China. The streaming service is also unlikely to be cut by consumers should the U.S. economy enter a recession as many people fear.
Its immunity to the current market and economic volatility enabled Netflix to maintain its full-year revenue forecast of $43.5 billion to $44.5 billion. Wall Street loved Netflix’s Q1 results, with many analysts remaining bullish on the stock. JPMorgan Chase (JPM) just released a note on Netflix, forecasting more upside for the shares.