Roku (NASDAQ:ROKU) Trading 2% Higher After Analyst Upgrade

Roku, Inc. (NASDAQ:ROKU)’s share price rose 2% during mid-day trading on Friday after Bank of America raised their price target on the stock from $100.00 to $110.00. Bank of America currently has a buy rating on the stock. Roku traded as high as $88.99 and last traded at $88.12. Approximately 2,047,155 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 3,851,257 shares. The stock had previously closed at $86.40.

Other research analysts have also recently issued reports about the stock. FBN Securities initiated coverage on shares of Roku in a report on Friday, March 28th. They issued an “outperform” rating and a $93.00 target price for the company. Piper Sandler initiated coverage on shares of Roku in a research report on Thursday, April 17th. They issued a “neutral” rating and a $65.00 price target on the stock. Evercore ISI lowered their price target on shares of Roku from $105.00 to $80.00 and set an “in-line” rating on the stock in a research report on Friday, May 2nd. Redburn Atlantic upgraded shares of Roku from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a research report on Monday, April 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of Roku from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Tuesday, June 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Roku currently has a consensus rating of “Moderate Buy” and an average target price of $90.37.

Insider Buying and Selling

In other Roku news, CAO Matthew C. Banks sold 629 shares of Roku stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $72.98, for a total value of $45,904.42. Following the transaction, the chief accounting officer owned 8,555 shares in the company, valued at $624,343.90. This trade represents a 6.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Dan Jedda sold 1,500 shares of Roku stock in a transaction on Monday, June 16th. The shares were sold at an average price of $81.32, for a total transaction of $121,980.00. Following the completion of the transaction, the chief financial officer owned 80,632 shares in the company, valued at approximately $6,556,994.24. This trade represents a 1.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 64,020 shares of company stock worth $4,979,594 over the last 90 days. Company insiders own 13.98% of the company’s stock.

Hedge Funds Weigh In On Roku

A number of hedge funds have recently made changes to their positions in ROKU. Oppenheimer & Co. Inc. purchased a new position in shares of Roku in the 4th quarter valued at $201,000. QRG Capital Management Inc. raised its stake in shares of Roku by 8.9% in the 4th quarter. QRG Capital Management Inc. now owns 3,122 shares of the company’s stock valued at $232,000 after acquiring an additional 254 shares during the period. US Bancorp DE raised its stake in shares of Roku by 55.8% in the 4th quarter. US Bancorp DE now owns 4,813 shares of the company’s stock valued at $358,000 after acquiring an additional 1,723 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of Roku by 47.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 785 shares of the company’s stock valued at $59,000 after acquiring an additional 251 shares during the period. Finally, Jones Financial Companies Lllp raised its stake in shares of Roku by 44.6% in the 4th quarter. Jones Financial Companies Lllp now owns 4,479 shares of the company’s stock valued at $333,000 after acquiring an additional 1,382 shares during the period. Institutional investors and hedge funds own 86.30% of the company’s stock.

Roku Trading Up 2.0%

The stock’s 50 day moving average price is $74.59 and its 200 day moving average price is $75.33. The firm has a market cap of $12.86 billion, a PE ratio of -120.72 and a beta of 2.12.

Roku (NASDAQ:ROKU) last issued its earnings results on Thursday, May 1st. The company reported ($0.19) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.08. Roku had a negative net margin of 2.49% and a negative return on equity of 4.29%. The business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the firm posted ($0.35) EPS. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. Analysts forecast that Roku, Inc. will post -0.3 earnings per share for the current year.

About Roku

Roku, Inc, together with its subsidiaries, operates a TV streaming platform in the United states and internationally. The company operates in two segments, Platform and Devices. Its streaming platform allows users to find and access TV shows, movies, news, sports, and others. The Platform segment offers digital advertising, including direct and programmatic video advertising, media and entertainment promotional spending, and related services; and streaming services distribution, such as subscription and transaction revenue shares, and sale of premium subscriptions and branded app buttons on remote controls.