Netflix shares explode to a new record high

Netflix shares are at a record high.

On Wednesday, the stock was up as much as 6% in morning trade to a new record high of $US687.

This year alone, the stock has more than doubled and from its bottom of around $US60 per share in late 2011, the stock is now up better than 600%.

The rally in the stock comes after the company held its latest shareholder meeting on Tuesday where the company authorised, among other things, an increase in the number of shares outstanding.

This authorization likely paves the way for a Netflix stock split, meaning the stock — on a price basis — will get less expensive as shareholders get multiple shares for every 1 share of Netflix they currently own. Apple, for example, executed a 7-for-1 stock split last year.

For the last few years, Netflix has been one of the most consistently impressive stocks, and now the stock, incredibly, is just a few bucks away from the $US700 level.

Here’s the huge rally in the stock this year.

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