Roku Soars as Earnings Beat Expectations Amid Fox Acquisition Talks

Royal Bank of Canada has reduced its stake in Roku Inc. (NASDAQ:ROKU), selling 26,378 shares during the first quarter. The bank's holdings in the company decreased by 11.6% to 200,961 shares, which is approximately 0.14% of Roku's total stock. This change in ownership comes after several other large investors made adjustments to their positions in Roku.

Raleigh Capital Management Inc., Apollon Wealth Management LLC, Quantum Portfolio Management LLC, and HB Wealth Management LLC all increased their holdings in the company during the first quarter. Quarry LP also boosted its stake by 21.7% during the fourth quarter. Institutional investors now own 86.30% of Roku's stock.

Roku reported strong earnings results for the second quarter, with adjusted earnings per share at $1.08 and revenue reaching $1.35 billion. The company's growth in advertising and subscriptions has driven its platform business, supporting its investment case as a streaming ecosystem leader. However, the Fox Corporation's planned $22 billion acquisition of Roku may impact investor confidence.