Not only did this handily exceed a consensus analyst estimate for third-quarter revenue of $110 million, but it also marked a significant acceleration compared to Roku's 23% year-over-year revenue growth in the first half of the year. For perspective, the stock closed at $23.50 on its first day of trading September 28, a strong debut that was followed by six weeks of largely downward movement. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company.
This is really the best of both worlds for Roku, since it earns licensing revenue while also adding active accounts. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.68) by $1.58.
Oppenheimer analyst Jason Helfstein commends the company for a "strong quarter out of the gate" and opts to stay on the sidelines on principle of "valuation", reiterating a Perform rating on ROKU without listing a price target.
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In related news, major shareholder Mv Management X, L.L.C. sold 6,900,000 shares of the stock in a transaction dated Monday, October 2nd. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
Several large investors have recently made changes to their positions in the company. Ad and content agreements are a far cheaper source of revenue than making set-tops and dongles and selling them for low prices (Roku slings start at under $40 and TVs are under $140).
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The expected future growth in earnings per share ("EPS") is an incredibly important factor.in identifying an under-valued stock. Otonomy had 11 analyst reports since August 10, 2015 according to SRatingsIntel. (NASDAQ:BLDR) rating on Thursday, October 8.
Roku saw a 48 percent year-over-year increase in active accounts, and a 58 percent year-over-year increase in streaming hours. Nationwide Fund Advisors purchased a new stake in shares of Roku in the third quarter valued at $1,009,000. Finally, Citadel Advisors LLC bought a new stake in shares of Roku in the third quarter valued at about $1,122,000. Hedge funds and other institutional investors own 0.17% of the company's stock.
Roku, known for its devices that connect to televisions and allow people to stream video from Netflix, YouTube and other apps, for a long time was primarily in the product business.
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