Netflix Price Plummets After Wells Fargo Downgrade to Underweight

NFLX is clinging to $72.10 as it rides the lower Bollinger Band after Wells Fargo's Underweight call on September 18, which put a $57 price target on the name.

The downgrade was the most aggressively bearish institutional call on Netflix in this cycle, and it has caused forced liquidation rather than orderly repositioning.

Open interest on Binance futures collapsed 27.95% in 24 hours, signaling that aggressive sellers are consistently hitting bids and walking the stock down against the grain of crowded bullish positioning.