PreMarket Prep Stock Of The Day: Roku
The market offered up a buy the dip opportunity and if you focused on tech stocks in uptrends, you have been rewarded. One of the leaders of the pack in the tech rebound is Roku Inc. (NASDAQ: ROKU) and is the PreMarket Prep Stock Of The Day.
The Company: Roku operates TV streaming platforms in the United States. Its TV streaming platform allows users to discover and access a variety of movies and TV shows, as well as live sports, music and news. The operating segments of the company are Player and Platform.
Winner Since IPO: Roku made its debut on Wall Street in September 2017. It made its all-time low three pennies below its opening print at $15.75 and ended its inaugural session at $23.50. Roku ended that year at $51.78.
Roku's stock fell out of favor in 2018, bottoming in December $26.30 and rallied to end the year at $30.64. The momentum kicked in 2019, rallying 339% to end the year at $133.90.
On Sale In March: After making a new all-time high in February ($151.20), Roku fell victim to market forces in March cascading to $58.22. That low came in just below its March 2019 low ($59.63) and comfortably above its April 2019 low ($55.02).
Only five days after reaching that depressed level it traded in triple digits, reaching $101.78, before profit-takers came in and pushed to $79.38 on April 3.
Following The Market Higher And Lower: Roku rode the bull market in tech stocks and made its all-time high a day prior to the S&P 500, peaking on Sept. 2 at $185.44 and posted its all-time closing high that day at $179.27.
The issue was not spared in the tech sell-off earlier in the month. In only two days, it retreated to $150.38 but rallied hard to end the day at $159.91. It ended last week at that area, closing Friday at $160.47.
See Also: Roku Gets Peacock Ahead Of Rivals And Gains Streaming Leverage
Peacock Provides A Catalyst: Before the open on Monday, it was confirmed Roku had reached a streaming carriage deal with the Peacock platform. That news instigated one of the biggest one-day gains in its brief history.
After a higher open, Roku retreated into the upper portion of Friday’s range, reaching $163.54 and then exploded to the session at $188.82 on much heavier than average volume.
The momentum continues in today’s session so far by far exceeding Monday’s high ($189.80) by reaching $195.36. As of 12:15 p.m. ET, it has backed off that level, but is still poised to make an all-time closing high as it attempts to remain in the $190 handle.
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