Shares of video streaming device maker Roku, Inc. (ROKU) are gaining more than 6 percent in Thursday's morning trade at $225.66, after touching a new 52-week high of $228.16 despite no company-specific news that could take the stock higher.
However, Roku is expected to benefit from the upcoming holiday season.
Tuesday, Roku announced findings from its 2020 Holiday Consumer Shopping study in partnership with The Harris Poll. The survey found that 85 percent of Americans now stream, and for the first time ever, a majority of U.S. adults said that they now spend more time streaming than they do watching traditional TV.
Most shoppers are now primary streamers with nearly 1 in 3 having already cut the cord according to Roku's 2020 Cord Cutting survey.
The stock has traded in a range of $58.22 to $228.16 in the past 52 weeks.
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