The COVID-19 pandemic accelerated several major trends already taking shape in the late 2010s. One of those was a shift to streaming video over linear TV, as nearly every major media company launched a new streaming service and had a captive audience to sell to. One of the biggest beneficiaries of the pandemic period was (NASDAQ: ROKU), which operates the largest connected TV platform in the world.

Roku's share price more than tripled in value in the six months from mid-August 2020 to mid-February 2021. Shares reached an all-time high in late July that year. But shares dropped precipitously through the end of the year and throughout 2022.

After a strong rebound in 2023, Roku shares looked poised to continue their momentum into 2024. But the market had different ideas. Shares are currently down about 25% year to date and more than 85% from their all-time high.

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Source Fool.com