The company's stock, which specializes in streaming hardware, has rocketed up 47 percent in early morning trading on Thursday, after posting sales that easily surpassed Wall Street expectations for its first quarter as a publicly traded company. They set a "market perform" rating for the company. The stock now has a consensus rating of Hold and a consensus target price of $26.20. Roku did this by selling lower-priced units like its $29.99 Roku Express, which management said "has seen tremendous success".
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"Roku appears to have extended its leadership position in Q3, growing active accounts an impressive 48%, with almost 50% of new additions coming from Roku smart TVs", Mahaney said in a report late Wednesday.
Roku generated $124.8 million in revenue during the third quarter, compared with the analyst consensus of $110 million. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($1.68) by $1.58. The company's quarterly revenue was up 40.1% compared to the same quarter a year ago. The original version of this story can be viewed at https://stocknewstimes.com/2017/11/09/morgan-stanley-initiates-coverage-on-roku-inc-roku.html. The 12-month average price target stands at $26, marking a slight downside from where the stock is now trading. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
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Several hedge funds have recently made changes to their positions in the stock. Gilder Gagnon Howe & Co. Citadel Advisors LLC acquired a new position in shares of Roku in the third quarter valued at approximately $1,122,000. LLC acquired a new position in shares of Roku in the third quarter valued at approximately $11,920,000. Finally, Sei Investments Co. purchased a new position in shares of Roku in the third quarter valued at $544,000.
Mahaney commented, "Roku appears to have extended its leadership position in Q3, growing Active Accounts an impressive 48%, with almost 50% of new additions coming from Roku Smart TV's".
That math works for the company because Roku's platform is more profitable than the company's traditional streaming player equipment. The Company's products include Roku 4, Roku 3, Roku 2, Roku 1, Roku Streaming Stick and accessories, such as cables, remote controls, power adapters and headphones.
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