I think it takes a while for irrational exuberance to normalize and it takes a while for irrational gloom to normalize. It's been several years that Netflix has been overvalued, even with the correction in 2012. Nevertheless, TA looks like it's normalizing now.
I am not that surprised. After all, management does nothing to promote the stock. In fact, they seem to talk it down. But the best that long time holders can hope far is a good earnings report. The economy is recovering and trucking is picking up. Maybe management can bring themselves to be more optimistic next call? I too think we should be pressing $15.