Roblox Corporation (NYSE:RBLX – Get Free Report) shares traded down 5.2% on Friday. The company traded as low as $46.31 and last traded at $46.3150. Approximately 3,129,923 shares traded hands during trading, a decline of 73% from the average daily volume of 11,747,419 shares. The stock had previously closed at $48.83.
Wall Street Analyst Weigh In
Several research firms have issued reports on RBLX. Raymond James Financial reiterated a “buy” rating on shares of Roblox in a research note on Friday, September 11th. UBS Group set a $40.00 price objective on shares of Roblox in a report on Monday. Wolfe Research downgraded shares of Roblox from an “outperform” rating to a “hold” rating in a research note on Friday, July 31st. Roth Capital increased their price target on shares of Roblox from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, September 15th. Finally, TD Cowen reduced their price objective on Roblox from $49.00 to $40.00 and set a “hold” rating on the stock in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Roblox has a consensus rating of “Hold” and an average price target of $60.79.
Read Our Latest Stock Analysis on Roblox
Roblox Stock Down 3.8%
Roblox (NYSE:RBLX – Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($0.26) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.08. The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.60 billion. Roblox had a negative return on equity of 292.85% and a negative net margin of 17.60%.Roblox’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.41) earnings per share. On average, sell-side analysts forecast that Roblox Corporation will post -1.39 earnings per share for the current year.
Insiders Place Their Bets
In other Roblox news, CEO David Baszucki sold 52,568 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $37.96, for a total value of $1,995,481.28. Following the completion of the transaction, the chief executive officer directly owned 799,646 shares in the company, valued at $30,354,562.16. This trade represents a 6.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Gregory Baszucki sold 16,666 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $40.47, for a total transaction of $674,473.02. Following the completion of the transaction, the director directly owned 1,261,169 shares of the company’s stock, valued at $51,039,509.43. This represents a 1.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 185,236 shares of company stock valued at $7,538,642 in the last quarter. 10.05% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Roblox
Several institutional investors and hedge funds have recently made changes to their positions in the company. Capital International Investors lifted its holdings in shares of Roblox by 7.3% during the fourth quarter. Capital International Investors now owns 31,953,301 shares of the company’s stock worth $2,589,282,000 after buying an additional 2,184,439 shares in the last quarter. Geode Capital Management LLC increased its stake in Roblox by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 12,220,045 shares of the company’s stock worth $988,002,000 after acquiring an additional 547,103 shares during the period. Norges Bank bought a new stake in shares of Roblox during the 4th quarter valued at $435,424,000. Renaissance Technologies LLC raised its stake in Roblox by 7.5% in the first quarter. Renaissance Technologies LLC now owns 7,126,134 shares of the company’s stock valued at $403,054,000 after purchasing an additional 497,625 shares in the last quarter. Finally, Amundi raised its stake in Roblox by 83.7% in the first quarter. Amundi now owns 5,774,151 shares of the company’s stock valued at $326,586,000 after purchasing an additional 2,631,074 shares in the last quarter. Institutional investors and hedge funds own 94.46% of the company’s stock.
Roblox Company Profile
Roblox Corporation develops and operates Roblox, an online platform where users can create, share and play interactive experiences. The platform supports a broad range of user-generated content, including games, social spaces, educational activities and entertainment experiences, and is accessible across computers, mobile devices, consoles and other supported platforms.
Roblox provides development tools through Roblox Studio, while its virtual economy uses Robux, a digital currency that users can purchase and spend on virtual items, avatar customization and other platform content.
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