Roku stock continues to be one of Cathie Wood’s favourites
- Cathie Wood loaded up on shares of Roku Inc this week.
- BofA recently reiterated its buy rating on the stock as well.
- Roku stock is down about 20% versus its year-to-date high.
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Cathie Wood has doubled down on her exposure to Roku Inc (NASDAQ: ROKU) after the streaming-media company reported strong results for its fiscal first quarter this week.
How many shares of Roku did she buy?
On April 27th, the influential investor loaded up on more than 200,000 shares of the Nasdaq-listed firm split between three of her exchange-traded funds.
Her flagship Ark Innovation ETF snapped up the most at 187,118 shares. In total, the Founder and CEO of Ark Invest spent roughly $12 million to buy Roku shares.
Wood remains bullish on the tech stock also because the California-based company recently issued upbeat guidance for its current financial quarter as Invezz reported HERE.
Versus its year-to-date high, Roku stock is down roughly 20% at writing. Other names she bought this week include Zoom, Shopify, and Roblox.
Analyst reiterates ‘buy’ rating on Roku stock
Wood’s bullish view on Roku Inc is in line with the Bank of America analyst Ruplu Bhattacharya who reiterated his “buy” rating on it after the earnings report citing the following reasons:
Better than expected metrics of active accounts, streaming hours, better traction in programmatic and potential bottoming of ad trends.
The streaming-media company added 1.6 million active accounts in its recent financial quarter. Also encouraging is the management’s confidence in turning adjusted EBITDA positive in 2024.
Bhattacharya sees upside in Roku stock to $85 – more than 60% premium on its current price.
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