Carl Icahn reduced his stake in Netflix to 4.5% from 9.98%, according to a 13D filing.
The activist investor cited recent gains in the stock as the reason for paring his stake in the company, but said it remains "significantly undervalued."
Icahn took a position in Netflix when it was trading at $58 per share. Today, the stock closed at $322.52, up about 457% from his initial purchase price.
In a tweet, Icahn thanked Kevin Spacey — the star of Netflix's hit original series, House of Cards — and others:
Sold block of NFLX today. Wish to thank Reed Hastings, Ted Sarandos, NFLX team, and last but not least Kevin Spacey: http://t.co/BRWpKOBfD2
— Carl Icahn (@Carl_C_Icahn) October 22, 2013
The stock fell more than 9% today after Netflix reported strong earnings results yesterday. Several Wall Street analysts raised concerns over valuation in post-earnings notes to clients.
Shares are down an additional 2% in after-hours trading on the Icahn news.
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