Roku shares jump after short-seller Citron reverses negative call

Finance


Brendan McDermid | Reuters

People pass by a video sign display with the logo for Roku Inc, a Fox-backed video streaming firm, that held it’s IPO at the Nasdaq Marketsite in New York, U.S., September 28, 2017.

Shares of Roku spiked Friday after short-seller Citron Research said it is reversing its negative view on the maker of streaming players, given a major shift away from the traditional cable television subscription model.

“The move to cutting the cord and [over-the-top] advertising is real and it is a megatrend that Citron not only does not want to be short, but at this valuation I want to be long,” the research firm, headed by Andrew Left, said in a report Friday.

Roku shares climbed more than 7 percent, closing at $38.54 a share. The stock is down roughly 25 percent for the year so far.

After the company went public in late November, the stock soared above $50 and Citron said it tweeted the stock would fall back to $28.

“BUT NOW EVERYTHING HAS CHANGED, AND IT IS TIME TO REEVALUATE,” the report said, in red capital letters.



Source link

Products You May Like

Articles You May Like

Goldman gives up on negative AMD call, upgrades it after more than 80% rally
Tips from a CEO and careers expert
Twenty-two percent of student loan borrowers fall into default 
Roku stock up on earnings, as more viewers spend longer streaming
Dropbox falls on announcement of COO’s departure

Leave a Reply

Your email address will not be published. Required fields are marked *