Roblox (NYSE:RBLX) Shares Up 6.3% Following Analyst Upgrade

Roblox Corporation (NYSE:RBLX) shot up 6.3% during mid-day trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $120.00 to $125.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Roblox traded as high as $119.21 and last traded at $119.60. 6,893,469 shares traded hands during trading, a decline of 14% from the average session volume of 8,060,386 shares. The stock had previously closed at $112.48.

Several other analysts have also issued reports on the company. BTIG Research increased their price objective on Roblox from $73.00 to $124.00 and gave the stock a “buy” rating in a report on Tuesday, July 1st. Macquarie increased their target price on Roblox from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, May 5th. Wedbush raised shares of Roblox to a “strong-buy” rating in a research report on Tuesday, July 1st. BMO Capital Markets restated an “outperform” rating and issued a $95.00 target price (up from $82.00) on shares of Roblox in a research note on Friday, May 30th. Finally, Bank of America lifted their target price on shares of Roblox from $86.00 to $103.00 and gave the company a “buy” rating in a research report on Thursday, June 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $86.68.

Insiders Place Their Bets

In other Roblox news, CEO David Baszucki sold 139,507 shares of the business’s stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $105.19, for a total value of $14,674,741.33. Following the completion of the sale, the chief executive officer owned 211,559 shares of the company’s stock, valued at $22,253,891.21. The trade was a 39.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Anthony P. Lee sold 66,000 shares of Roblox stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $103.89, for a total value of $6,856,740.00. Following the completion of the transaction, the director directly owned 284,488 shares of the company’s stock, valued at $29,555,458.32. This represents a 18.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,645,690 shares of company stock valued at $592,729,502. 12.92% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Roblox

Institutional investors and hedge funds have recently bought and sold shares of the company. Gordian Capital Singapore Pte Ltd boosted its position in Roblox by 74.8% in the fourth quarter. Gordian Capital Singapore Pte Ltd now owns 561 shares of the company’s stock valued at $32,000 after buying an additional 240 shares in the last quarter. ORG Partners LLC acquired a new position in shares of Roblox during the second quarter worth $33,000. Larson Financial Group LLC raised its position in Roblox by 819.0% during the 1st quarter. Larson Financial Group LLC now owns 579 shares of the company’s stock worth $34,000 after purchasing an additional 516 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Roblox in the first quarter worth approximately $39,000. Finally, Colonial Trust Co SC bought a new stake in Roblox in the fourth quarter valued at approximately $41,000. Institutional investors own 94.46% of the company’s stock.

Roblox Price Performance

The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.39. The business’s 50-day simple moving average is $94.41 and its two-hundred day simple moving average is $73.41. The firm has a market cap of $80.76 billion, a price-to-earnings ratio of -88.86 and a beta of 1.60.

Roblox (NYSE:RBLX) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.32) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.09. Roblox had a negative return on equity of 442.68% and a negative net margin of 22.94%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period last year, the business posted ($0.43) EPS. The business’s revenue was up 30.6% compared to the same quarter last year. As a group, research analysts expect that Roblox Corporation will post -1.49 EPS for the current fiscal year.

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.