Netflix shares moved higher Tuesday, with the stock up 3.18% at $78.44 at publication, as investors weighed a recent technical rebound and Bill Ackman's renewed bet on the streaming company. The shares were trading 7% above their 20-day moving average of $73.72 and 5.6% above their 50-day moving average of $74.66, signaling stronger short-term momentum since a July low. The stock still sat 5.5% below its 100-day moving average of $83.39 and 11.3% below its 200-day moving average of $88.88, suggesting the longer-term trend has yet to fully turn. Pershing Square Capital Management disclosed last week that it built a new 3.15 million-share position in Netflix, representing 4.9% of its portfolio, after previously losing more than $400 million on a Netflix investment in 2022. In an interim report for the first half of 2026, the firm said the streaming battle has effectively been settled in Netflix's favor and argued that the company can deliver steady double-digit revenue growth with expanding margins as content spending grows more slowly than sales. Wall Street has remained broadly constructive despite some July target cuts, with Netflix holding an overall Buy rating and an average analyst target of $91.62 across 50 analysts, with estimates ranging from $70 to $125.