Netflix shares extended their rebound after billionaire investor Bill Ackman’s Pershing Square disclosed a 3.15 million-share position, representing about 4.9% of its portfolio. The filing, submitted under Schedule 13G on Aug. 14 with passive intent, marked Ackman’s return to a stock he exited in 2022 at a reported loss of about $400 million. Pershing Square said Netflix has effectively won the streaming wars, with more than 325 million subscribers, and expects double-digit revenue growth, slower content-cost increases and further margin expansion. Shares rose 4% to $78.80 in Tuesday midday trading, closed at $77.77 and gained another 3.82% to $80.74 on Wednesday in the existing coverage, while the Nasdaq and S&P 500 also advanced. Netflix remained down roughly 16% year to date and 37% over the trailing 12 months in the latest report, although it had risen nearly 15% over the previous month. Technical momentum improved, but the stock remained below its 200-day moving average and a December 2025 death cross. Wall Street maintained a broadly bullish view, with a Buy consensus and an average price target of $91.62 across 50 analysts. Second-quarter 2026 revenue rose 13.4% to $12.56 billion, operating margin reached 33.4% and the company repurchased $4.7 billion of stock. Investors are watching advertising growth, subscriber expansion, estimate revisions and whether the rebound becomes a lasting trend change.