Why Roku Stock Was Falling Today
Shares of Roku (NASDAQ: ROKU) were pulling back today as the stock reacted to the broad sell-off in the market due to interest rate hikes and a weak retail sales report. And one analyst issued a bearish note on Roku as well.
As a result, the stock was down 7.3% as of 2:34 p.m. ET on Thursday, while the S&P 500 was down 2.6%.
In a note this morning, Cleveland Research said channel checks on the streaming platform show that the company is seeing pressure in the fourth quarter, and it expects results to come in slightly below consensus. The research firm also lowered estimates for 2023 to below consensus and sees the streaming stock underperforming its peer group. Cleveland maintained a neutral rating on the stock.
Source Fool.com
