New York (TheStreet) -- Netflix (NFLX) was moving ever higher on Wednesday as investors anticipate the world's largest streaming service will execute a stock split after shareholders approved the measure at the company's annual meeting yesterday.
Los Gatos, Calif.-based Netflix was climbing 2.9% to $666.03, extending its 2015 advance to 92%. Shares have jumped 14% over the past month.
By splitting its stock, the subscription video-streaming service said it could become more "accessible" to investors, according its first quarter letter. Many retail investors are put off by Netflix shares at it current price level. A lower price is likely to attract a wider pool of investors.
Regardless of the real price of Netflix shares, valuation on a price-to-earnings basis remains high at 173 — well above the S&P 500
In a proxy statement from Netflix in April, the company asked shareholders to approve authorization to issue 5 billion shares, compared to the company's current authorization to issue 170 million, an almost 30-1 split.
Other measures approved at yesterday's meeting include the election of three new directors, and a measure allowing long time stock holders the ability to nominate up to 25% of the board, according to Bloomberg.
In addition to the split, Netflix announced plans to launch new markets in Portugal, Spain and Italy in October, 2015. This could mean as many as 1 million new subscribers by the end of 2015, and 7 million by the end of 2020, according to Cowen and Company, a New York based investment firm.