Roku (NASDAQ:ROKU) Stock Price Up 2.6% - Here's Why

Roku, Inc. (NASDAQ:ROKU - Get Free Report)'s stock price shot up 2.6% on Thursday . The stock traded as high as $64.82 and last traded at $64.18. 713,129 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 3,784,258 shares. The stock had previously closed at $62.58.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Rosenblatt Securities restated a "neutral" rating and issued a $86.00 price target on shares of Roku in a research note on Thursday, February 13th. JPMorgan Chase & Co. reduced their target price on Roku from $115.00 to $75.00 and set an "overweight" rating on the stock in a report on Tuesday. Redburn Atlantic raised Roku from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research note on Monday, April 7th. Jefferies Financial Group raised shares of Roku from an "underperform" rating to a "hold" rating and lifted their price target for the company from $55.00 to $100.00 in a research note on Thursday, February 20th. Finally, Benchmark reiterated a "buy" rating and issued a $130.00 target price on shares of Roku in a report on Monday. One analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $91.50.

Roku Stock Performance

The company's 50 day simple moving average is $72.28 and its 200-day simple moving average is $75.72. The firm has a market capitalization of $9.38 billion, a PE ratio of -72.17 and a beta of 2.17.

Roku (NASDAQ:ROKU - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.20. The firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.15 billion. Roku had a negative return on equity of 5.34% and a negative net margin of 3.15%. On average, equities research analysts forecast that Roku, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In other Roku news, CEO Anthony J. Wood sold 25,000 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $87.93, for a total value of $2,198,250.00. Following the completion of the sale, the chief executive officer now owns 26,538 shares of the company's stock, valued at $2,333,486.34. This represents a 48.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Dan Jedda sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $75.00, for a total transaction of $75,000.00. Following the completion of the sale, the chief financial officer now owns 68,843 shares of the company's stock, valued at approximately $5,163,225. The trade was a 1.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,905 shares of company stock worth $6,560,876. 13.98% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Roku

Several institutional investors and hedge funds have recently bought and sold shares of ROKU. Geneos Wealth Management Inc. increased its stake in shares of Roku by 369.9% in the fourth quarter. Geneos Wealth Management Inc. now owns 343 shares of the company's stock worth $25,000 after buying an additional 270 shares during the period. Garde Capital Inc. purchased a new position in shares of Roku in the first quarter valued at about $25,000. Vision Financial Markets LLC bought a new position in shares of Roku during the fourth quarter valued at about $30,000. Golden State Wealth Management LLC boosted its holdings in shares of Roku by 125.4% during the first quarter. Golden State Wealth Management LLC now owns 444 shares of the company's stock worth $31,000 after purchasing an additional 247 shares during the period. Finally, Princeton Global Asset Management LLC bought a new stake in shares of Roku in the first quarter worth about $35,000. 86.30% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.