This would be a $3 stock if NFLX decided to stop investing in growth to show higher EPS. Someone else would step in and grow the streaming market while NFLX was left behind. Comcast was once a heavily shorted small company operating in the red. They would not have a 65 billion MC today if they had chose to show EPS back then.
All companies aimed for growth, but many of them went out of business, and more are still going out of business every year. The bad NFLX reports of the past few quarters speak for themselves. This stock will continue to go down until NFLX reports a good report. If you do not sell and get out at the first sign of trouble, you will just keep watching your money goes down the toilet.
The valuation based on the past reports and projected net profits point to a true worth of $3 or much less. It is still a couple of months aways from the next report. At the current rate of dropping, this stock will be $3 and ready to see if it deserves more than $3.
Many companies went out of business because they lost to the competition. Netflix's growth has slowed because of higher content costs not because of competition. The higher content costs will result in even less competition. Why does AMZN remain a distant second? Where is the service that comes close to Netflix? For now Netflix will continue to grow but at a slower pace because that's the way Hollywood wants it.