The streaming player company has rocketed 173% higher this year, running circles around Netflix's 32% gain and Disney's 20% advance.
Roku shares hit a new high Friday, continuing their climb after reporting a better-than-expected first quarter earlier in the week. The company topped top- and bottom-line estimates for the three months to March, and increased its full-year guidance.
However, after only just breaking out above its October highs, it could struggle to continue its move higher, Maley said.
"You really want to see it be a more meaningful breakout before you can say the stock is going to be a lot higher and the reason why I think it probably won't do that right now is the stock has had this huge move and it's getting quite overbought," he said.
The stock's relative strength index, a measure of momentum, spiked above 81 this week, its highest level since March. A reading above 70 typically points to overbought conditions.
"If you like the stock on a fundamental basis, that's great but I think you'll get a better opportunity to buy it at lower levels over the next couple of weeks rather than chase it way up here," said Maley.
Mark Tepper, president of Strategic Wealth Partners, said increased competition in the streaming space from Disney among others will continue to benefit Roku.
"As more and more competition enters the streaming wars, that's actually good for an aggregator like Roku. So what you have here is you have a company that was basically all hardware that's now transitioning to ads and subscriptions which gets a higher multiple," Tepper said during the same "Trading Nation" segment.
He added that the stock can break out even higher in coming years if it delivers in two areas – the first, increasing its average revenue per user, and the second, if the company can generate top-line growth of 30% or more.
"As long as that happens, that would lead to some multiple expansion as well as growth, not quite to Netflix levels, but a reasonable expansion along with that growth takes this up to $100," said Tepper.
A move to $100 marks more than 20% upside from current levels. It would also deliver a record high.