Internet streaming video hardware and software provider Roku (ROKU) saw its stock soar in its second day of trading Friday after a successful initial public offering on Thursday.
Roku shares were up 20%, near 28.30, in midday trading on the stock market today. Intraday, Roku stock climbed as high as 29.80.
Roku went public at $14 a share and saw its stock rocket 68% to 23.50 in its first day of trading.
Best known for making set-top boxes and dongles for streaming Netflix (NFLX) and other Internet TV services, Roku also provides software for smart TVs and gets revenue from advertising on its home screen. Plus, Roku gets a share of revenue from subscriptions and pay-per-view content sold through its platform.
The company describes itself as a “content distribution platform.” It had more than 15 million monthly active users as of June 30, up 43% from a year earlier.
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Roku’s home screen provides access to advertiser-supported and subscription-based TV networks. In the U.S., it offers more than 5,000 streaming channels on its platform.
Roku also offers access to transactional video-on-demand content so users can watch pay-per-view movies, TV shows and other content.
In the streaming hardware sector, Roku competes with Apple (AAPL), Amazon.com (AMZN), Alphabet (GOOGL)-owned Google and others.
On Sept. 22, Apple released its latest set-top box, the Apple TV 4K, which can stream video in ultra-high-definition 4K resolution. On Wednesday, Amazon announced its next-generation Fire TV device, which features 4K ultra-HD video, high dynamic range and other improvements.
Roku IPO Takes Flight As Stock Pops On First Day Of Trading