Following Netflix’s plunge in share prices — after another sell-off on Tuesday, Oct. 25, 2011, the stock is now off 75% from its high for the past year — at least one investor who had bet against the video-streaming service by short-selling is now buying up the shares, reports Bloomberg.

Whitney Tilson, the co-founder of hedge fund T2 Partners LLC, said he bought shares after the Netflix tumbled the most it had in seven years following the company’s disclosure it had lost 800,000 customers in the third quarter, the article notes.

His decision to buy Netflix shares came because he now believes they are "cheap," the story says.

“The core of our short thesis was always Netflix’s high valuation. In light of the stock’s collapse, we now think it’s cheap and today established a small long position. We hope it gets cheaper so we can add to it," Tilson said in an emailed statement.

Netflix shares have fallen 56% this year, closing Tuesday at $77.37.