NEW YORK (TheStreet) -- Netflix (NFLX) dropped 5.1% to $302.10 as of 1:17 p.m. New York time. The company has traded between $299.57 and $321.52, after opening the day at $319.29. The company is lagging the S&P 500 which is down 0.57%.
Netflix has been one of the biggest gainers of the year, rising 226.54% since January. Netflix, alongside the year's other triple-digit growth stocks including Yelp (YELP) and Zillow (Z), are plunging on investor fear over current political uncertainty in Washington.
The government shutdown, stretching into its eighth day, is a result of a stalemate among Congressional leaders to agree on a new budget. The fears also stem from concerns the government will default on its debt obligations if it doesn't raise the debt ceiling by October 17.
"Many of the recent winners are breaking key levels," said 'Real Money' contributor James 'Rev Shark' DePorre in his analysis Tuesday. "It is very likely that many of these stocks will bounce back sharply at the first hint of some sort of Washington deal."
TheStreet Ratings team rates Netflix Inc as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate Netflix Inc (NFLX) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, premium valuation and generally higher debt management risk."