Investing
Roku shares set 1-year high, notch biggest percentage gain since 2017
© Reuters. FILE PHOTO A video sign displays the logo for Roku Inc, a Fox-backed video streaming firm, in Times Square after the company’s IPO at the Nasdaq Market in New York, U.S., September 28, 2017. REUTERS/Brendan McDermid/File Photo
By Caroline Valetkevitch
NEW YORK (Reuters) – Shares of video streaming company Roku (NASDAQ:) Inc closed Friday at their highest level in a little more than a year after it gave an upbeat quarterly revenue forecast.
Roku’s stock, which rose 31.4% to $89.61 in its biggest daily percentage gain since November 2017, has more than doubled this year. The day’s move added about $3 billion in market capitalization, bringing it to about $12.6 billion, per Refinitiv data.
The company late Thursday also posted stronger-than-expected results for the quarter ended in June.
Roku’s strong guidance, beating consensus estimates on a pickup in digital ad sales, followed upbeat forecasts from Meta Platforms and results from Alphabet (NASDAQ:) earlier this week, as both companies also reported improved ad sales in the recent quarter.
Meta shares rose 4.4% on Friday while Alphabet increased 2.5%, helping to drive a 1% gain in the .
Several brokerages raised their price targets on Roku after the news, including D.A. Davidson, which increased its price target to $81 and reiterated its “buy” rating on the stock.
“The company remains confident in its ability to exploit the secular shift of linear TV advertising dollars moving to over-the-top (OTT). With that said, management expects the current challenging ad trends to continue for,” the second half of the year, D.A. Davidson analysts wrote in a note Friday.
Roku said it added 1.9 million “active accounts” from the previous quarter to now reach 73.5 million.
(This story has been refiled to add missing word ‘than’ in paragraph 2)
Read the full article here
-
Investing6 days ago
Hurricane Helene Hits Spruce Pine Mine, Quartz Used for Tech
-
Personal Finance3 days ago
Social Security cost-of-living adjustment will be 2.5% in 2025, less than prior year
-
Side Hustles6 days ago
VP Exec’s Top Tips for Negotiating and Relationship-Building
-
Investing5 days ago
U.K. stocks lower at close of trade; Investing.com United Kingdom 100 down 1.37% By Investing.com
-
Side Hustles6 days ago
Why the Smallest Details Mean the Most in Marketing
-
Investing6 days ago
Britain’s FTSE 100 rises as oil price jump boosts energy shares By Reuters
-
Make Money5 days ago
The Top Employers and Opportunities for Part-Time Remote Jobs
-
Passive Income5 days ago
How to Build a Workplace Culture Centered on Love, Abundance and Purpose