This is actually a big week for streaming giant Netflix (NFLX), as it rolls out its 2024 Geeked Week event. Packed with an array of trailers and news about upcoming games and series content, this now-annual event has at least some Netflix buffs watching. Investors, however, are less than pleased, and shares are down fractionally in Monday afternoon’s trading.
Last year, Geeked Week brought out a range of new properties, including 3 Body Problem and Hades, among others. This week, meanwhile, is expected to roll out trailers for the second season of Arcane as well as the return of Squid Game, out in November and December, respectively. The event will cap off on September 19 at 8:00 PM eastern time, with a live event.
But it won’t just be series, either. Reports from The Verge note that Netflix’s gaming chops will also be on display, including the recently-announced Monument Valley 3. Meanwhile, gamers are eagerly anticipating the sight of what else Netflix can roll out, which should be a pretty exciting proposition.
And Speaking of Squid Game…
While the new season of Squid Game is expected out this December, there is some other news surrounding Netflix’s surprising franchise win. An Indian director, notes a report from Newsweek, is filing suit against Netflix, alleging that Netflix stole his movie to make Squid Game happen.
The director in question, Soham Shah, took his case to New York federal court, alleging that Squid Game is just a copy of his 2009 release, Luck. Shah not only named Netflix in the suit, but also Squid Game director Hwang Dong-hyuk. Netflix, for its part, asserts that Shah’s claim “…has no merit,” though, given that Shah’s release pre-dates Squid Game‘s release by over a decade, there may be something to it. Only a court, of course, will know for certain.
Is Netflix Stock a Hold or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on NFLX stock based on 24 Buys, 12 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 44.46% loss in its share price over the past year, the average NFLX price target of $709.48 per share implies 2.29% upside potential.
