Netflix Inc (NASDAQ:NFLX) stock was abandoned by the so-called smart money ahead of the streaming company’s first decline in subscribers, regulatory filings reveal.
Tiger Global Management, Winslow Capital Management and Scopus Asset Management were among the funds that sold all of their shares in the company, the Reuters news agency reported.
The year so far has seen a rotation by investors out of technology stocks, which have enjoyed a fantastic run for several years, into more defensive securities.
Shares in Netflix closed at US$186.51 last night, having traded close to US$700 as recently as November of last year.