Roku (NASDAQ:ROKU) Shares Gap Up After Analyst Upgrade

Roku, Inc. (NASDAQ:ROKU)’s stock price gapped up before the market opened on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $80.00 to $90.00. The stock had previously closed at $74.67, but opened at $76.18. JPMorgan Chase & Co. currently has an overweight rating on the stock. Roku shares last traded at $76.63, with a volume of 406,834 shares changing hands.

Several other research analysts have also recently issued reports on ROKU. Guggenheim raised Roku from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Friday, August 23rd. Wolfe Research raised Roku from a “peer perform” rating to an “outperform” rating and set a $93.00 target price on the stock in a research report on Thursday, September 12th. Benchmark reaffirmed a “buy” rating and set a $105.00 target price on shares of Roku in a research report on Thursday, September 12th. Bank of America cut their target price on Roku from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, Macquarie dropped their price target on Roku from $88.00 to $72.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $78.75.

Insider Buying and Selling at Roku

In other Roku news, insider Charles Collier sold 3,590 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $65.00, for a total value of $233,350.00. Following the sale, the insider now directly owns 12,064 shares in the company, valued at $784,160. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Charles Collier sold 3,590 shares of Roku stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $65.00, for a total value of $233,350.00. Following the completion of the transaction, the insider now directly owns 12,064 shares in the company, valued at $784,160. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Anthony J. Wood sold 25,000 shares of Roku stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $75.00, for a total value of $1,875,000.00. Following the completion of the transaction, the chief executive officer now owns 5,020 shares of the company’s stock, valued at $376,500. The disclosure for this sale can be found here. Insiders have sold a total of 46,945 shares of company stock worth $3,465,135 over the last ninety days. 13.98% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Roku

Several hedge funds have recently made changes to their positions in the stock. Quarry LP grew its position in Roku by 160.2% during the fourth quarter. Quarry LP now owns 432 shares of the company’s stock worth $40,000 after buying an additional 266 shares in the last quarter. Benjamin Edwards Inc. grew its position in Roku by 43.5% during the first quarter. Benjamin Edwards Inc. now owns 617 shares of the company’s stock worth $40,000 after buying an additional 187 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Roku by 123.4% during the second quarter. EverSource Wealth Advisors LLC now owns 679 shares of the company’s stock worth $40,000 after buying an additional 375 shares in the last quarter. Geneos Wealth Management Inc. grew its position in Roku by 835.6% during the first quarter. Geneos Wealth Management Inc. now owns 683 shares of the company’s stock worth $45,000 after buying an additional 610 shares in the last quarter. Finally, Cedar Wealth Management LLC purchased a new position in Roku during the second quarter worth about $48,000. 86.30% of the stock is currently owned by hedge funds and other institutional investors.

Roku Stock Up 0.1 %

The company has a 50-day moving average of $63.03 and a 200 day moving average of $61.07. The firm has a market capitalization of $11.21 billion, a PE ratio of -19.41 and a beta of 2.06.

Roku (NASDAQ:ROKU) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.21. Roku had a negative return on equity of 21.03% and a negative net margin of 13.16%. The firm had revenue of $968.18 million during the quarter, compared to analysts’ expectations of $937.78 million. During the same period in the prior year, the business earned ($0.76) EPS. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, equities analysts anticipate that Roku, Inc. will post -1.45 EPS for the current fiscal 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.