Roku, Inc. (NASDAQ:ROKU) Short Interest Declines by 18.1% in November

Roku, Inc. (NASDAQ:ROKU - Get Free Report) experienced a noteworthy reduction in short interest during November. As of November 30th, the short interest totaled 10,250,000 shares, marking a decline of 18.1% from the 12,520,000 shares reported on November 15th. With an average trading volume of 3,950,000 shares, the current days-to-cover ratio stands at 2.6 days.

Insider Transactions

In recent developments, Roku's CEO, Anthony J. Wood, sold 25,000 shares on October 10th at an average price of $77.20, totaling $1,930,000. Following this transaction, he currently holds 5,020 shares, valued at about $387,544, indicating an 83.28% decrease in his position. This sale is publicly accessible through an SEC filing. Additionally, insider Charles Collier sold 10,771 shares on November 18th at an average price of $71.14, amounting to $766,248.94. Following this sale, Collier holds 3,790 shares, valued at approximately $269,620.60, representing a 73.97% drop in his holdings. Over the last quarter, insiders sold a total of 73,096 shares valued at $5,653,823. Currently, insiders own 13.98% of the company's stock.

Changes in Institutional Ownership

Several institutional investors have adjusted their holdings in Roku recently. Kessler Investment Group LLC raised its stake by 21.8% during the third quarter, now owning 75,968 shares worth $5,672,000 after purchasing 13,590 additional shares. Holocene Advisors LP acquired a new stake valued at approximately $129,015,000. National Bank of Canada FI significantly increased its stake by 11,626.3%, now owning 150,800 shares valued at $11,259,000 after acquiring 149,514 shares. EULAV Asset Management expanded its position by 59.1% during the third quarter, now holding 183,000 shares valued at $13,663,000 after adding 68,000 shares. Finally, Granite Bay Wealth Management LLC initiated a new position worth about $1,142,000 in the second quarter. Institutional and hedge fund investors collectively hold 86.30% of Roku's stock.

Analyst Updates

Various analysts have commented on Roku's performance. JPMorgan Chase & Co. raised its price target from $90.00 to $92.00, rating the stock as "overweight." Morgan Stanley increased its target from $60.00 to $65.00, giving an "underweight" rating. Wolfe Research upgraded Roku from "peer perform" to "outperform," setting a price target of $93.00. Benchmark reiterated a "buy" rating with a price target of $105.00. Moffett Nathanson promoted the stock from a "sell" rating to "neutral," with a target of $80.00. Among analysts, two have given sell ratings, nine a hold rating, twelve a buy rating, and one a strong buy rating. Overall, Roku has an average rating of "Moderate Buy" and a price target of $83.81 according to MarketBeat data.

Roku's Stock Performance

On Friday, Roku's stock rose by $1.09, reaching $82.99 with a volume of 2,019,540 shares traded—below the average volume of 4,404,422. The stock's 12-month performance shows a low of $48.33 and a high of $108.84, with a market cap of $12.05 billion. Its price-to-earnings ratio stands at -69.16, accompanied by a beta of 2.06. The 50-day and 200-day simple moving averages are $75.00 and $66.89, respectively. Roku's latest earnings report, issued on October 30th, revealed a loss of $0.06 per share, better than the expected loss of $0.35. Revenue for the quarter reached $1.06 billion, surpassing the consensus estimate of $1.02 billion, which is a 16.5% increase from the previous year.

About Roku, Inc.

Roku, Inc. operates a TV streaming platform in the U.S. and internationally. It consists of two segments: Platform and Devices. The streaming platform enables users access to various TV shows, movies, news, and sports. The Platform segment provides digital advertising, including both direct and programmatic video ads, and revenue sharing for subscription services and premium content.

Roku, Stocks, Short