Best place to buy Roku stock: it’s plunged 18% on loss forecast and shrinking Ad revenue
Roku stock price has taken a hit in the Pre-Market hours after the company forecast a wider-than-expected Q4 loss citing pressure on advertisers’ budgets. The pre-market pledge comes a day after the stock dipped by about 4% to its lowest stock price since early 2019 as reported in our news here.
Roku is the latest media company to announce a reduction in advertising sales due to the tough economic times that have exerted pressure on consumers and advertiser spending.
In a letter to stakeholders, Roku said:
“We expect these conditions to be temporary, but it is difficult to predict when they will stabilize or rebound.”
While the stock has plunged to its lowest, some investors still believe it could rebound especially since the company is planning to rein in expenses and slow hiring because of the current market conditions.
To help stock investors interested in investing in the Roku stock dip, Invezz has created a brief article on where to buy it.
To find out more, please continue reading.
Best places to trade Roku stock
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What is Roku?
Roku is an American company based in San Jose, California. It manufactures digital media players for video streaming. It also has an advertising business and it also licenses its software and hardware to other companies.
Roku Inc. is a publicly traded company and it is listed on the NASDAQ stock exchange under the symbol NASDAQ: ROKU.
Should I buy Roku stock today?
If you are looking to invest in a stock that has dipped to its lowest price in years, then Roku could be a good choice.
However, the current economic times still pose a challenge to the company and it might take some time for the company to recover and for its stock to start bouncing back.
ROKU stock price prediction
It is difficult to foresee a possible price rebound, especially going by Roku’s loss forecast and the prevailing tough economic times. Investors predict that the stock could see a further slide to $52 before seeing an upward move.
Roku social media trends
Cathie Wood of $ARKK has 11.9 million shares of $ROKU, with an average estimated purchasing price of $243.88.$ROKU is trading at $44 in after hours, down 20%.$ARKK is sitting on an estimated 65% loss, in the hundred millions of dollars.