Tiger Global Management’s Chase Coleman (Trades, Portfolio) established a stake in TV streaming company Roku Inc. (ROKU, Financial) on Sept. 28.
The investor purchased 1.5 million shares for an average price of $23.50 per share, giving it 0.3% portfolio space.
The California-based company, which manufactures home digital media products, went public on Sept. 28. Its initial public offering of 15.6 million shares was priced at $14 per share. On its opening day, the stock shot up 67% to $23.50. A day later, it reached a high of $29.80.
Since then, the stock price has fallen considerably and is now trading around $22.63.
Roku announced on Monday it is releasing five new streaming devices on Oct. 8. According to the company, the new line of devices “offer better performance, improved wireless reception, new convenience features and greater value than ever before.”
Chas Smith, general manager of Roku TVs and players, said the new lineup will make the TV viewing experience more enjoyable for customers. The new devices include Roku and Roku Express+, the Roku Streaming Stick and Roku Streaming Stick+ and Roku Ultra.
Smith emphasized consumers will especially enjoy the Roku Streaming Stick+ because it “makes 4K and HDR streaming simple.”
Managing a portfolio of 43 stocks, Coleman invests largely in the consumer cyclical and technology sectors. Other consumer cyclical and technolgy stocks he owns include Netflix Inc. (NFLX, Financial),Ă‚ Amazon.com Inc. (AMZN, Financial),Ă‚ JD.com Inc. (JD, Financial), Microsoft Corp. (MSFT, Financial), Teladoc Inc. (TDOC, Financial), Facebook Inc. (FB, Financial), Alphabet Inc. (GOOG, Financial) (GOOGL, Financial) and several others.Ă‚
Disclosure: I do not own any stocks mentioned.
