Friend with Netflix is down more than 40%, I don’t see Netflix recovering soon, my friend wants to sell, what’s your best strategies?

I told my friend to wait for a rise and sell as they would be better off selling because I don't see Netflix recovering those 40% any time soon.

What are your thoughts and what do you do with major losses like that?

Last time I was in a situation like this I waited for a significant green day and sold, what do you usually do?

I know you shouldn't sell low, but when you feel like it's the fair value and you won't recover, selling becomes a option to consider.

Thanks for your non financial advice, much appreciated, cheers!