Canaccord Genuity Group Forecasts Strong Price Appreciation for Roblox (NYSE:RBLX) Stock

Roblox (NYSE:RBLX) had its target price hoisted by Canaccord Genuity Group from $50.00 to $60.00 in a research note published on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. Wedbush reiterated an “outperform” rating and set a $49.00 price target on shares of Roblox in a report on Friday, October 25th. BTIG Research boosted their price objective on Roblox from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Friday. Jefferies Financial Group assumed coverage on Roblox in a research note on Thursday, July 11th. They issued a “hold” rating and a $42.00 price objective for the company. Citigroup upped their price objective on Roblox from $46.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. upped their price objective on Roblox from $51.00 to $62.00 and gave the company an “overweight” rating in a research note on Friday. Seven investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.80.

Roblox Trading Down 2.8 %

NYSE RBLX opened at $50.00 on Friday. The business has a 50 day moving average price of $43.79 and a 200-day moving average price of $39.48. Roblox has a 52 week low of $29.55 and a 52 week high of $53.07. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.98 and a current ratio of 0.98.

Roblox (NYSE:RBLX) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.37) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.02. Roblox had a negative return on equity of 986.36% and a negative net margin of 30.90%. The business had revenue of $919.00 million during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the prior year, the company posted ($0.45) earnings per share. Roblox’s revenue was up 9.5% compared to the same quarter last year. On average, analysts predict that Roblox will post -1.59 earnings per share for the current year.

Insiders Place Their Bets

In other Roblox news, CFO Michael Guthrie sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $38.82, for a total value of $1,164,600.00. Following the completion of the transaction, the chief financial officer now owns 374,633 shares in the company, valued at $14,543,253.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Roblox news, CFO Michael Guthrie sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $38.82, for a total value of $1,164,600.00. Following the sale, the chief financial officer now owns 374,633 shares of the company’s stock, valued at $14,543,253.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark Reinstra sold 12,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $40.00, for a total value of $480,000.00. Following the completion of the sale, the insider now directly owns 342,656 shares in the company, valued at approximately $13,706,240. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 989,341 shares of company stock worth $44,391,412 in the last quarter. 22.15% of the stock is owned by company insiders.

Institutional Trading of Roblox

Several institutional investors and hedge funds have recently modified their holdings of RBLX. V Square Quantitative Management LLC purchased a new position in shares of Roblox during the 3rd quarter valued at about $27,000. PARK CIRCLE Co bought a new position in Roblox during the 2nd quarter worth approximately $30,000. Strategic Financial Concepts LLC bought a new position in Roblox during the 2nd quarter worth approximately $33,000. Gilliland Jeter Wealth Management LLC grew its position in Roblox by 102.4% during the 2nd quarter. Gilliland Jeter Wealth Management LLC now owns 1,000 shares of the company’s stock worth $37,000 after acquiring an additional 506 shares during the last quarter. Finally, Washington Trust Advisors Inc. bought a new position in Roblox during the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 91.08% of the company’s stock.

About Roblox

Roblox Corporation develops and operates an online entertainment platform in the United States and internationally. It offers Roblox Studio, a free toolset that allows developers and creators to build, publish, and operate 3D experiences, and other content; Roblox Client, an application that allows users to explore 3D experience; and Roblox Cloud, which provides services and infrastructure that power the platform.