Why Roku Stock Soared 6.5% Today

Shares of streaming TV leader Roku (NASDAQ: ROKU) are winning the ratings wars today -- at least among investors -- and you can thank Ark Invest CEO Cathie Wood for that.

As revealed on the Ark funds website late last night, the growth investing icon spent nearly $47 million snapping up more than 584,500 shares of Roku yesterday. Today, despite two other Wall Street analysts cutting their price targets on Roku (according to The Fly), the stock is on a tear -- up 6.5% as of 10:40 a.m. ET.

Wood's flagship ARK Innovation ETF (NYSEMKT: ARKK) hasn't been doing so hot this year, losing more than half its value since 2022 began. And yet, many growth stock investors still look to Wood for clues about which way the tech winds are blowing, with some even sometimes going so far as to imitate her trades.

Source Fool.com