ROKU Sees Options Surge After June Rally

The security recently dipped after a 10-day winning streak

Deputy Editor
Jul 12, 2021 at 2:56 PM
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The shares of streaming giant Roku Inc (NASDAQ:ROKU) faltered after their June rally to the $460 area, dipping lower on July 1 despite stringing together 10 consecutive daily wins prior to that tumble. The ascending 20-day moving average has since moved in as support, though, and the equity appears tto be attempting another run higher. At last check, ROKU was up 0.9% to trade at $435.19. 

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Roku stock has also made an appearance on Schaeffer's Senior Quantitative Analyst Rocky White's list of stocks that have attracted the highest weekly options volume within the past two weeks, with new names added to the list highlighted in yellow. Specifically, 384,469 weekly calls and 179,230 weekly puts have been exchanged during this time. The most popular contract during that two-week period was the weekly 7/2 460-strike call. 

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Analysts are overwhelmingly bullish towards the security, with 17 of the 20 in coverage calling ROKU a "buy" or better rating. Meanwhile, the 12-month consensus price target of $450.50 is a modest 3.6% premium to current levels, indicating price-target hikes could be on the horizon. 

Lastly, the security's Schaeffer's Volatility Scorecard (SVS) sits at a high 97 out of 100. This means ROKU has exceeded option traders' volatility expectations during the past year -- a boon for premium  buyers.

 

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