Cathie Wood is Buying These 5 Growth Stocks

4. Roku, Inc. (NASDAQ:ROKU)

Number of Hedge Fund Holders: 34 

Percentage Increase in Stake During Q2 2022: 23%  

Roku, Inc. (NASDAQ:ROKU) operates a TV streaming platform, The hedge fund chaired by Wood owned close to 10.1 million shares of Roku, Inc. (NASDAQ:ROKU) at the end of June 2022, worth $962 million. 

On September 8, Pivotal Research analyst Jeffrey Wlodarczak upgraded Roku, Inc. (NASDAQ:ROKU) stock to Hold from Sell with a price target of $60, noting the shares had reached a better risk/reward profile. 

At the end of the second quarter of 2022, 34 hedge funds in the database of Insider Monkey held stakes worth $1.4 billion in Roku, Inc. (NASDAQ:ROKU), compared to 34 in the preceding quarter worth $1.7 billion. 

In its Q2 2022 investor letter, Saga Partners, an asset management firm, highlighted a few stocks and Roku, Inc. (NASDAQ:ROKU) was one of them. Here is what the fund said:

“The Portfolio first bought Roku, Inc. (NASDAQ:ROKU) in Q3’20. It was a company we followed closely given our investment in The Trade Desk and its importance in connected television (CTV). Roku continued to impressively grow its CTV market share and it took some extra work to understand the underlying dynamics causing Roku’s success. I think there is some misunderstanding surrounding the connected television landscape. Since I haven’t written extensively on the topic in past letters, I thought it would be helpful to provide a little more background on the underlying dynamics of the space below…(read more)