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Netflix (NFLX) Shares Spike 8 Pct After Insider Buy

 May 11, 2012 02:51 PM

Netflix Inc. (NASDAQ:NFLX) shares jumped 6.8 percent on Friday after director Jay Hoag, through his venture capital firm, bought about 200,000 shares for around $14.5 million.

According to a filing with the U.S. Securities and Exchange Commission, Hoag's Technology Crossover Ventures bought the shares of the online video company on May 8 and 9 at prices between $71.20 and $74.39.

Following the recent buys, Hoag now owns more than 275,00 shares of Netflix.

Before these purchases, Hoag had been a seller of the stock in the range of $100 to $270.

NFLX shares, which have gained 13 percent this year, hit a low late last year as U.S. subscriptions dropped and the company's decided to split the DVD mail rental and streaming business.

On Friday, the stock jumped as much as 8 percent in mid-day trading. Shares are trading up $4.94 at $77.34. In the 52-weel period, the stock has been trading between $62.37 and $304.79.

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