2022-04-21 14:50:53
Roku shares rose modestly in premarket trading Thursday, but their steep drop during the previous session following
The ARK Innovation ETF (ARKK) bought 335,947 shares of Roku on Wednesday, while the
ARK Next Generation Internet ETF (ARKW) purchased 39,577 shares of the streaming device company. At Wednesday’s closing stock price for Roku, the ARK purchases amounted to more than $41.1 million.
Streaming stocks like Roku tumbled Wednesday after Netflix (NFLX) lost 200,000 subscribers in the first quarter and said it expects to lose 2 million net subscribers in the current quarter.
Netflix also announced possible plans to sell advertising, which weighed on Roku. But Evercore ISI Shweta Khajuria said it may not be all bad news for the company.
“If Netflix offers an ad-supported tier, and especially in markets that Roku is in, it would be to their disadvantage to not consider Roku’s platform,” the analyst told Barron’s.
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