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The obligations have been piling up so quickly that Netflix expects to post an annual loss this year, the first time that has happened since 2002. Netflix will release its second-quarter results on July 24.

“Smart people question whether they will ever make money,” Pachter said of the challenges facing Netflix in streaming. “Netflix is growing unprofitably, and content owners who see usage (of video streaming) go up by 50 percent are either going to charge more or offer lower quality content. Either is a drag on the stock.”

Pachter said he is wondering if Netflix’s stock might even fall below the $45 price target that he has set for the shares.

Citigroup analyst Mark Mahaney said the concerns about Netflix are overblown, although he doesn’t expect the stock to return to its previous high any time soon. He believes Netflix shares could reach $130 within the next year.