Roku stock has had a strong year thus far: The streaming company's shares have more than doubled (up 116%) for 2023.
Late last month, reporting for the fiscal second quarter ended June 30, Roku (ROKU) -) beat Wall Street's expectations. It posted a loss of 76 cents a share, while analysts had forecast a loss of $1.28 a share. The loss narrowed from 82 cents in the year-earlier quarter. Revenue advanced 11% to $847.2 million.
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The company's operating expense was $504 million, 8.3% above the $465.7 million Roku spent in the year-earlier quarter.
The streaming giant said it expects to see revenue of around $815 million for the next quarter, with gross profit of around $355 million and an adjusted loss before interest, taxes, depreciation and amortization of $50 million.
Roku is also a prominent holding in the asset manager Cathie Wood's Ark Invest. And the firm sold 148,549 shares of Roku, valued at around $13.1 million.
The biggest chunk of the sale came from the flagship Ark Innovation ETF (ARKK) -), which sold 138,221 shares of the company.
After the sale, Roku remains Ark Innovation's second-largest position, just behind Tesla (TSLA) -). Ark still owns 8,697,614 shares of Roku, valued at around $770 million. The holding is weighted at 9.3% of Ark Innovation ETF's portfolio.
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Analyst Jason Bazinet of Citi on Aug. 3 downgraded Roku to neutral from buy, though he raised his price target on the stock to $100 from $75.
