The digital media video and streaming player company Roku Inc (NASDAQ: ROKU) is taking another leap. From playing a crucial role as a streaming player and TV software provider, now the company has decided to disrupt the Television manufacturing market. Roku announced a new TV line-up by “Introducing the first-ever smart TV made by Roku.”
Roku aspires to rock the space
For the company whose software is claimed to be used in one of every three TVs within the US, the decision brought optimism. With the news coming out, Roku stock price reflected the similar sentiment straight away.
ROKU stock is trading at 42.35 USD with a 4.41% increase in the last 24 hours. Although the stock price is down by more than 78% year over year, analysts are confident that the streaming player heavyweight has potential to bounce back with the broader market conditions getting better.
Roku stock price has a bad reputation as per its price momentum on the chart. There is no latest investment opportunity until the stock price moves above the significant moving averages. As of now, RSI indicator is marching towards halfway for a positive bullish trend.
In a press release, the company detailed that about 11 models of TV will range sizes from 24 inches to 75 inches. There will be two models: Roku Select and Roku Plus Series. Television models will range from 119 USD to 999 USD and will be available in the United States in the beginning of spring this year.
Streaming player with opportunities
Entering a non-conventional market is not a new move for the software provider. Several months ago it entered the smart home appliances sector where it started selling cameras, video doorbells and lighting also.
Analysts also believe after the near term struggle, Roku stock is likely to show profitability with the company entering a strong market position and shift in streaming media. In addition, the regional expansion will also play a crucial role for the company’s growth as it has already reached Canada and Mexico through different means within the past few years.
The company also has the opportunity to take advantage of the growing online video ad space. According to Omdia’s research, by 2027, the spending in the sector is likely to grow by 14% annually.
At present, the stock price is trading at lowest since 2017 and almost at around the price during its listing along with the future potential.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/05/roku-stock-reacts-positive-to-tv-streaming-player-launching-tv/