Netflix stock is on the rise in recent days as Reed Hastings, it's co-founder and a Facebook board member, recently bought $1 million worth of shares in the beleaguered social networking site, Facebook, according to a regulatory filing submitted Wednesday. Hastings purchased roughly 47,800 shares at an average purchase price of $21.03 each. Other investors were eager to jump on the bandwagon loading up on Facebook shares, which rose about 3.79% on the news of Hasting's buy. Facebook went public in May at $38 per share, but its stock shed much of it's value, closing Friday at $21.81.
Facebook granted Hastings 20,000 restricted stock units when he joined the company's board in June 2011.
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