Roku counted its wild ride on Wall Street this morning, cratering around 15% after the equity research arm of Morgan Stanley issued a note that said the stock had culminated its most recent rally and now it’s time to sell.
Since it’s IPO in September 2017, Roku has been the hottest stock in video streaming, and among the most volatile among publicly traded companies on the Nasdaq.
As Roku has swiftly transformed its business model from a mere manufacturer of OTT devices into a purveyor of a globally dominant media ecosystem, the news coming out of the company has generally been good.
According to research company Apptopia, as consumers downloaded 15.5 million copies of the Disney+ app over the first 13 days of the service, downloads of the Roku app correspondingly surged 30%.
“The main utility of the Roku app is to act a remote when using the platform on your television. Since Disney+ is available on Roku, we’ve seen a boost in new users and user sessions on this app as well,” an Apptopia report published last week reads.