Netflix shares rose 3.82% to $80.74 on Wednesday as investors assessed billionaire investor Bill Ackman’s Pershing Square disclosing a 3.15 million-share position in the streaming company. The stake represented 4.9% of the fund’s portfolio in its interim financial report for the six months ended June 30. Pershing Square said Netflix has effectively won the streaming wars and expects double-digit revenue growth, slower increases in content costs and continued margin expansion. The firm also said Netflix’s current valuation multiple represents a substantial discount. NFLX had fallen 33.57% over the past 12 months but traded 8.6% above its 20-day simple moving average of $74.27 and 8.1% above its 50-day SMA of $74.60. It remained 9.1% below its 200-day SMA of $88.73 and under a death cross formed in December 2025. The moving average convergence divergence indicator was above its signal line, pointing to improving momentum, with resistance near $91.50 and support near $71. Analysts held a Buy consensus rating with an average price forecast of $91.62.