How Roku Shares Fell 17.6% in March
Shares of Roku (NASDAQ: ROKU) fell 17.6% in March 2021, according to data from S&P Global Market Intelligence. The media-streaming technology expert didn't actually do anything to deserve a dramatic haircut, but the stock was swept up in a couple of market-moving events beyond Roku's control.
Roku entered the month of March on a full head of steam. The company absolutely smashed Wall Street's expectations in February's fourth-quarter report. Share prices had increased by 248% in 52 weeks. The massive gains set Roku up for a sharp correction when the market tenor turned away from high-growth stocks that had posted large gains during the coronavirus era in favor of low-risk value investments. In particular, Roku was and is a large investment in money manager Cathie Wood's popular ARK Innovation ETF (NYSEMKT: ARKK) whose constituents were singled out as specific targets in this growth-stock drop.
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Source Fool.com
