Netflix plunged as much as 4.89% Wednesday, hitting its lowest level in more than 3 months. Shares have been under pressure since the streaming giant reported disappointing second-quarter results. Netflix "is in a vicious spiral to the bottom in content spend," long-standing Netflix bear Michael Pachter recently told Business Insider. Watch Netflix trade in real time here. Netflix plunged as much as 4.89% Wednesday, hitting a low of $321, a level not seen in more than three months.