New survey, board member's purchase boost share price
Shares of Netflix got a bump Friday as a board member loaded up on more stock and a new survey said the service was back in consumers’ good graces after some strategic missteps last year.
Netflix director Jay Hoag’s Technology Crossover Venture acquired 200,000 shares of the online video company earlier this month for over $14 million, according to a Netflix filing with the Securities and Exchange Commission.
The shares surged as much as 8% in midday trading before settling to a gain of 6.41% at $77.09. Earlier Friday, research firm ForSee said Netflix scored higher in a recent satisfaction poll than it did last December after a price hike and move to split up the DVD mail rental and streaming business. The study by the Ann Arbor, Mich. group ranks the top 100 online retailers. Netflix had plummeted in a holiday study.