The price of a stock will always revert and reflect the underlying fundamentals of the business and its success. With that said, the earnings over the past few years were growing very fast with no competition, low rates, and people shut in due to covid.
With the increased competition earnings and growth have slowed to an expected 15% and the price is reflecting that slowdown.
BONUS ANSWER: High P/E stocks (like NFLX is, amongst a ton of Nasdaq stocks) are more valuable in a low or zero interest rate environment than a slower growing, lower PE, dividend paying stock. The reason is because of the way future cash flow is valued.
1 dollar that earns no interest for the next few years isn’t worth much more than $1.00. Rather than want that cash earning nothing a smarter thing is to identify investments that could payoff huge in the future. However, if you get a dollar and it’s able to compound interest RISK FREE at some rate, then you might be better off getting the dollars now.