Why Roku Inc. (ROKU) Went Up Last Week?
We recently published a list of . In this article, we are going to take a look at where Roku Inc. (NASDAQ:ROKU) stands against other last week's best-performing stocks.
Ten firms outperformed Wall Street's three major indices over the past week, clocking in double-digit gains on the back of a flurry of company developments that sparked buying appetite.
On a week-on-week basis, the Dow Jones rallied by 1.19 percent, the S&P 500 increased 0.5 percent, and the tech-heavy Nasdaq inched up 0.16 percent.
Meanwhile, 10 firms finished stronger with gains of 10 to 20 percent. In this article, let's explore the names of last week's best performers and the reasons behind their rallies.
To come up with the list, we only considered the stocks with at least a $2 billion market capitalization and $5 million in trading volume.
A large movie theatre filled with people enjoying a film streaming on a smart TV.
Roku Inc. (NASDAQ:ROKU)
Roku Inc. increased its share price by 15.5 percent week-on-week to end Friday's trading at $78.29 versus the $67.78 on March 14 following its partnership with Monster Jam to add its FAST channel to its platform.
Under the agreement, ROKU will bring Monster Jam trucks, stunts, and races for free to millions of households across the US.
The Monster Jam channel will feature a vast selection of content from 20 years of its TV shows, including the current season with full event replays, behind-the-scenes access, and exclusive interviews with champion drivers.
Meanwhile, ROKU recently earned a 'buy' rating from Guggenheim Securities, saying that it believes the company will exit the year 'at its strongest' level amid expectations of continued improvements.
'Specifically, we believe actions including improved focus on monetization-based operating metrics, broadening third-party partnerships, and expanding revenue-generating offerings while incrementally focusing on profitability and free cash flow generation are driving a more valuable enterprise,' it said.
Overall, ROKU ranks 5th on our list of last week's best-performing stocks. While we acknowledge the potential of ROKU as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as ROKU but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires
Disclosure: None. This article is originally published at Insider Monkey.
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