Shares of Netflix Inc. /zigman2/quotes/202353025/composite NFLX +1.56% bounced 4.8% in premarket trading Thursday, off a 22-month closing low in the previous session, after Bill Ackman said his Pershing Square Capital Management hedge fund bought 3.1 million of the streaming video services company's shares "beginning on Friday and over the past several days." Based on Wednesday's closing price of $359.70, which was the lowest since March 27, 2020, the shares purchased would be valued at about $1.12 billion, or about 0.7% of Netflix's market capitalization of $159.33 billion. Ackman's announcement comes after the stock had plunged 30.3% amid a five-day losing streak, highlighted by the 21.8% selloff on Friday after a disappointing fourth-quarter report and outlook. Pershing Square didn't own any Netflix shares at the end of the third quarter, according to the latest 13F filing . The stock has tumbled 45.7% over the past three months through Wednesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.01% has slipped 4.4%.