We all know that video streamer Netflix (NASDAQ:NFLX) has been making a greater push into sports lately. However, the latest news shows to just what extent Netflix is making that play. In fact, its latest expansion into sports is a little odd. Still, these developments were good enough for investors, who sent shares up fractionally in Thursday afternoon’s trading.
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The Fourth of July in the United States is often marked by, among other things, a hot dog eating contest sponsored by Nathan’s Deli on New York’s Coney Island. The perennial leader of this contest, Joey Chestnut, wound up disqualified from this year’s contest after setting up a deal with a rival and vegan hot dog brand.
But Netflix is stepping in on this one and has set up a Labor Day equivalent featuring not only Chestnut but also one of his biggest rivals, Takeru Kobayashi, in a contest dubbed “Unfinished Beef.” This may be one of Kobayashi’s last competitive eating challenges, as he has previously stated plans to retire, citing health concerns and that he “no longer feel(s) hunger.”
It Doesn’t Stop There, Though
Netflix is also releasing a new sports-related documentary, “Receiver.” The documentary focuses on several major athletes, including the Vikings’ Justin Jefferson and the 49ers’ George Kittle. It capitalizes on the success of “Quarterback,” which was released previously.
Meanwhile, there’s some sad news for “Mighty Morphin Power Rangers” fans who were hoping Netflix would revive the series. That won’t happen now, reports note, as the plans have been officially shut down. Current reports say that Hasbro Entertainment (NASDAQ:HAS) will be looking for a new creative partner to develop the series.
Is Netflix a Buy or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on NFLX stock based on 23 Buys, 12 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 48.07% rally in its share price over the past year, the average NFLX price target of $659.45 per share implies 0.88% upside potential.
