Roblox (NYSE:RBLX) Stock Price Target Raised at JPMorgan Chase & Co.

Roblox (NYSE:RBLX) had its price objective lifted by analysts at JPMorgan Chase & Co. from $40.00 to $53.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 11.39% from the company’s current price.

Other analysts have also issued research reports about the company. Canaccord Genuity Group set a $58.00 price objective on Roblox in a research note on Friday, July 31st. Wells Fargo & Company downgraded shares of Roblox from an “overweight” rating to a “cautious” rating in a research note on Monday. Citigroup lowered their price target on shares of Roblox from $70.00 to $60.00 and set a “buy” rating for the company in a report on Monday, August 3rd. Cantor Fitzgerald initiated coverage on shares of Roblox in a report on Monday, June 29th. They set an “overweight” rating for the company. Finally, Seaport Research Partners cut shares of Roblox to a “neutral” rating in a research report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, thirteen have assigned a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat, Roblox currently has a consensus rating of “Hold” and an average price target of $56.96.

Roblox Trading Down 3.9%

RBLX traded down $1.93 on Wednesday, hitting $47.58. 2,911,608 shares of the company were exchanged, compared to its average volume of 11,768,897. The firm has a fifty day simple moving average of $42.81 and a two-hundred day simple moving average of $47.79. The company has a debt-to-equity ratio of 7.82, a quick ratio of 0.82 and a current ratio of 0.82. Roblox has a 12 month low of $33.88 and a 12 month high of $141.95. The stock has a market capitalization of $31.88 billion, a PE ratio of -33.35 and a beta of 1.47.

Roblox (NYSE:RBLX) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.08. Roblox had a negative return on equity of 292.85% and a negative net margin of 17.60%. The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same period in the previous year, the firm earned ($0.41) EPS. The business’s quarterly revenue was up 8.3% on a year-over-year basis. Sell-side analysts expect that Roblox will post -1.39 earnings per share for the current year.

Insider Activity at Roblox

In other Roblox news, CEO David Baszucki sold 52,568 shares of the company’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 transaction of $1,995,481.28. Following the completion of the transaction, the chief executive officer owned 799,646 shares of the company’s stock, valued at $30,354,562.16. This represents a 6.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Mark Reinstra sold 17,934 shares of the 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 $680,774.64. Following the completion of the sale, the insider owned 398,064 shares of the company’s stock, valued at approximately $15,110,509.44. This trade represents a 4.31% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 186,390 shares of company stock worth $7,283,371 over the last 90 days. 10.05% of the stock is owned by insiders.

Hedge Funds Weigh In On Roblox

A number of hedge funds and other institutional investors have recently made changes to their positions in RBLX. Renaissance Technologies LLC boosted its holdings 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 acquiring an additional 497,625 shares in the last quarter. Amundi raised its holdings in Roblox by 83.7% in the 1st quarter. Amundi now owns 5,774,151 shares of the company’s stock worth $326,586,000 after purchasing an additional 2,631,074 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Roblox by 10.3% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,451,881 shares of the company’s stock worth $251,798,000 after purchasing an additional 416,206 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in Roblox by 18.9% in the 4th quarter. Artisan Partners Limited Partnership now owns 2,292,340 shares of the company’s stock worth $185,748,000 after purchasing an additional 365,125 shares in the last quarter. Finally, Amova Asset Management Americas Inc. lifted its position in shares of Roblox by 17.0% in the 1st quarter. Amova Asset Management Americas Inc. now owns 3,238,160 shares of the company’s stock worth $183,247,000 after purchasing an additional 469,379 shares during the period. Institutional investors own 94.46% of the company’s stock.

Roblox Company Profile

Roblox Corporation (NYSE:RBLX) operates an online entertainment platform where users can create, share and experience interactive 3D content. The platform hosts user-generated games and other virtual experiences across genres, including entertainment, social activities, education and simulated environments.

Roblox provides development tools through Roblox Studio, enabling creators to build and publish experiences, digital items and other content. Users can customize avatars, interact with others and access the platform across supported computers, mobile devices, gaming consoles and virtual reality systems.