Reed Hastings attends Reed Hastings panel during Netflix 'See What's Next' event at Villa Miani on April 18, 2018 in Rome, Italy.

Netflix is "seeing significant reacceleration" in mobile app downloads in the third quarter of 2019 Bank of America analysts said in a note Monday.

Netflix shares reacted to the note by rising more than 2% Monday morning.

The firm credited the popularity of summer releases including the third season of "Stranger Things" for a 30% quarter-over-quarter increase in downloads. The analysts used mobile app download and revenue data from SensorTower.

Netflix downloads in the third quarter of 2019 are up 18% year over year, according to the note. In the U.S., downloads are up 6%, while international downloads are up 21%, the analysts wrote.

The app download numbers don't necessarily translate to subscribers. Last quarter, Netflix reported a rare loss in U.S. subscribers while missing analysts expectations for international paid subscriber adds. At the time, Netflix blamed its content slate for the weak numbers, but touted the highly-anticipated release of "Stranger Things" as a reason to be hopeful for the third quarter.

--Michael Bloom contributed to this report.

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