5 Stocks to Sell Now According to Orkun Kilic’s Berry Street Capital

1. Netflix, Inc. (NASDAQ:NFLX)

Berry Street Capital’s Stake Value In Q1 2022: $23 million

Percentage of Berry Street Capital’s 13F Portfolio In Q1 2022: 2.65%

Number of Hedge Fund Holders: 95

Netflix, Inc. (NASDAQ:NFLX) is an entertainment services provider that hosts an online platform allowing its users to access a wide variety of content such as movies, tv shows, and documentaries. The company is headquartered in Los Gatos, California, the United States.

Netflix, Inc. (NASDAQ:NFLX) is one of the worst performing stocks in the U.S. index, as its shares have bled a massive 59% in value over the course of this year. While it plans to increase advertising spending to boost growth, the fact that it lost a million subscribers in its fiscal Q2 did not help investor confidence. JP Morgan kept a $245 price target for the company in September 2022, stating that its plans for an advertisement supported subscription tier are slowly gaining investor interest.

Netflix, Inc. (NASDAQ:NFLX) was another stock that Berry Street Capital removed from its portfolio during the second quarter of this year. In the prior quarter, the fund had owned a $23 million stake in the company which represented 2.65% of its portfolio. Insider Monkey’s 895 hedge fund survey for this year’s June quarter saw 95 as having invested in Netflix, Inc. (NASDAQ:NFLX).

Netflix, Inc. (NASDAQ:NFLX)’s largest investor in our database is Ken Fisher’s Fisher Asset Management which owns 6.5 million shares that are worth $1 billion.

Pershing Square Holdings mentioned the company in its Q2 2022 investor letter, and it stated that:

“In April, we announced that we exited our position in Netflix, Inc. (NASDAQ:NFLX) following the company’s first quarter results as management commentary and a required shift in the company’s business model toward ad-supported streaming caused us to lose confidence in our ability to predict the company’s future prospects with a sufficient degree of certainty. While we have confidence in Netflix’s superb management team and their long-term record, we believed the dispersion of outcomes had widened such that it no longer met our requirements for a core holding. We discussed our decision to sell Netflix in detail in our April 20th letter to investors which you can read here.”

Disclosure: None. You can also take a look at 10 Best Long-Term Stocks to Buy Now and Analyst Are Cutting Estimates on These 10 Tech Stocks.

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