Roku (NASDAQ:ROKU) Shares Up 1% - Here's What Happened

Roku, Inc. (NASDAQ:ROKU - Get Free Report) shares shot up 1% during trading on Wednesday . The stock traded as high as $85.30 and last traded at $84.56. 947,050 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 3,859,238 shares. The stock had previously closed at $83.69.

Analysts Set New Price Targets

Several equities analysts have weighed in on ROKU shares. Compass Point assumed coverage on shares of Roku in a research report on Sunday, March 23rd. They set a "buy" rating on the stock. Redburn Atlantic upgraded Roku from a "neutral" rating to a "buy" rating and set a $100.00 price target on the stock in a report on Monday, April 7th. Benchmark reissued a "buy" rating and issued a $130.00 price objective on shares of Roku in a research note on Friday, May 2nd. Pivotal Research decreased their price objective on Roku from $125.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Finally, Piper Sandler started coverage on shares of Roku in a research note on Thursday, April 17th. They issued a "neutral" rating and a $65.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $89.93.

Roku Trading Down 0.1%

The firm's 50 day moving average price is $70.96 and its two-hundred day moving average price is $75.12. The company has a market capitalization of $12.20 billion, a P/E ratio of -114.56 and a beta of 2.09.

Roku (NASDAQ:ROKU - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported ($0.19) earnings per share 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 during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the firm earned ($0.35) earnings per share. The firm's revenue for the quarter was up 15.8% compared to the same quarter last year. Analysts anticipate that Roku, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In other Roku news, Director Mai Fyfield sold 914 shares of the stock in a transaction on Friday, June 6th. The shares were sold at an average price of $78.50, for a total value of $71,749.00. Following the completion of the sale, the director now owns 4,374 shares in the company, valued at $343,359. This trade represents a 17.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Matthew C. Banks sold 629 shares of Roku stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $72.98, for a total transaction of $45,904.42. Following the completion of the transaction, the chief accounting officer now directly owns 8,555 shares of the company's stock, valued at approximately $624,343.90. This trade represents a 6.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,227 shares of company stock worth $4,994,244 in the last quarter. Corporate insiders own 13.98% of the company's stock.

Hedge Funds Weigh In On Roku

Several institutional investors and hedge funds have recently modified their holdings of ROKU. Garde Capital Inc. bought a new stake in Roku in the 1st quarter valued at $25,000. Banque Transatlantique SA bought a new stake in shares of Roku in the first quarter valued at about $28,000. Vision Financial Markets LLC bought a new stake in shares of Roku in the fourth quarter valued at about $30,000. Beaird Harris Wealth Management LLC acquired a new position in shares of Roku in the first quarter valued at about $30,000. Finally, Golden State Wealth Management LLC increased its position in 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 acquiring an additional 247 shares during the period. 86.30% of the stock is currently owned by institutional investors and hedge funds.

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.