ROKU Continue To Be A Short 继续卖空ROKU

ROKU (59.70 )

I suggested to short sell ROKU on March 13 at 61.73 on post "A Short Term Short Candidate" https://tradeideablog.blogspot.com/2019/03/a-short-term-short-candidate.html, and it continue to be a short base on the following factors:

Citi cuts Roku (ROKU) from Neutral to Sell citing the stock trading at near record highs, the risk of greater competition in the changing OTT landscape, and the potential for dilution from increased option grants and restricted stock. Roku received downgrades from Guggenheim, Macquarie, and Loop Capital in the past month. All cited the company’s valuation as a significant factor. That makes sense: Roku is still valued at an eye-popping 535 times estimated Ebitda, according to data compiled by Bloomberg. There are certainly some outlandish stock-price multiples in the technology and media industries, but Roku makes even Netflix Inc. – valued at 47 times Ebitda – look almost sensible.

Competition is heating up for Roku, as giants like Apple Inc. and Amazon.com Inc. make a bigger push into video streaming.

Analysts consensus 12 month target is 68.34. High target is 85 and low target is 49.

No earnings, Price to Sale is 9.13, Price to Book is 27.11, both high.

Technically, ROKU formed bearish Double Top pattern near 71. It also broke below 20 and 50 moving averages at 64.42 and 60.08 respectively. It's momentum is down with initial downside to 200 day moving average 52.76.

ROKU (59.70 )

我在3月13日的博文“短期短期候选人” https://tradeideablog.blogspot.com/2019/03/a-short-term-short-candidate.html 建议以61.73卖空ROKU，基于以下负面因素建议继续卖空：

花旗将Roku（ROKU）从中性下调至卖出，理由是股票交易价格接近历史高位，OTT格局变化带来更大竞争的风险，以及增加期权授予和限制性股票可能导致的稀释。 Roku在过去一个月内收到了Guggenheim，Macquarie和Loop Capital的下调评级。它们都将公司的估值作为一个重要因素。这是有道理的：根据彭博汇编的数据，Roku的价值仍然高达估计的Ebitda的535倍。技术和媒体行业当然存在一些古怪的股票价格倍数，但Roku甚至使Netflix Inc.（价值为Ebitda的47倍）看起来几乎是合理的。

随着像苹果公司（Apple Inc.）和亚马逊（Amazon.com Inc.）等巨头对视频流的推动，Roku的竞争正在升温。

分析师普遍认为12个月目标是68.34。高目标价是85，低目标价是49。

没有收入，价格对销售为9.13被，价格对账面价值为27.11，都是很高。

从技术面来看，ROKU在71附近形成看跌的双顶形态。它也分别跌破20和50移动平均线分别为64.42和60.08。它的动理想下，初步下行目标可至200天移动平均线52.76。