Shares of $NFLX are already slipping below $80.

Netflix has been on a serious rollercoaster over the past 6 months. From $100+ at the start of the year, a peak above $110 in April, and now we’re back around the $80 mark.

Fundamentally it’s not a disaster. A P/E of around 26x isn’t excessive for a company that dominates global streaming and is just rolling out an ad tier. Margins are rising, subscribers are growing, and live content (NFL, matches) opens up a whole new segment for them.

The problem is sentiment. Insiders were selling, the market is nervous about valuation after last year’s run-up, and add to that a general sell-off in the tech sector.

Personally, I think $80 is an interesting level to have on the watchlist — not necessarily to go “all in”, but definitely worth watching. For those who believe in Netflix’s long-term story, this could be a calmer opportunity to add before Q3 results come out.

Is anyone planning to add to their position or open one?