Canaccord Genuity Group Raises Roblox (NYSE:RBLX) Price Target to $160.00

Key Points

• Canaccord Genuity Group has raised Roblox's price target from $125.00 to $160.00, indicating a potential upside of 17.03% based on the stock's previous close.
• Roblox experienced a strong trading day, with shares increasing by $11.77 to reach $136.71, significantly surpassing its average trading volume.
• Despite a negative EPS of ($0.41) reported in their last earnings, Roblox saw a 50.5% increase in quarterly revenue year-over-year.

Roblox (NYSE:RBLX - Get Free Report) had its target price boosted by equities researchers at Canaccord Genuity Group from $125.00 to $160.00 in a report released on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price target points to a potential upside of 17.03% from the stock's previous close.

A number of other brokerages have also recently weighed in on RBLX. Morgan Stanley dropped their price target on Roblox from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Roth Mkm boosted their price objective on Roblox from $72.00 to $74.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Barclays lifted their price target on shares of Roblox from $46.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Macquarie raised their price target on shares of Roblox from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Monday, May 5th. Finally, JPMorgan Chase & Co. increased their target price on Roblox from $120.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, Roblox has a consensus rating of "Moderate Buy" and an average price target of $99.73.

Roblox Stock Performance

Shares of Roblox stock traded up $11.77 on Thursday, reaching $136.71. 19,360,503 shares of the stock were exchanged, compared to its average volume of 8,720,080. The firm has a market capitalization of $92.73 billion, a price-to-earnings ratio of -101.69 and a beta of 1.60. Roblox has a twelve month low of $35.30 and a twelve month high of $150.59. The business has a 50 day moving average price of $103.08 and a two-hundred day moving average price of $77.60. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.39.

Roblox (NYSE:RBLX - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.04). Roblox had a negative net margin of 22.94% and a negative return on equity of 442.68%. The business's quarterly revenue was up 50.5% on a year-over-year basis. During the same period last year, the company earned ($0.32) earnings per share. Analysts anticipate that Roblox will post -1.49 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Matthew D. Kaufman sold 6,000 shares of the company's stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $118.51, for a total value of $711,060.00. Following the sale, the insider directly owned 307,223 shares in the company, valued at $36,408,997.73. This represents a 1.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO David Baszucki sold 139,507 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $105.19, for a total transaction of $14,674,741.33. Following the sale, the chief executive officer owned 211,559 shares of the company's stock, valued at approximately $22,253,891.21. This trade represents a 39.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,651,690 shares of company stock worth $593,440,562. Corporate insiders own 12.92% of the company's stock.

Hedge Funds Weigh In On Roblox

Institutional investors have recently made changes to their positions in the stock. Gordian Capital Singapore Pte Ltd raised its stake in shares of Roblox by 74.8% in the fourth quarter. Gordian Capital Singapore Pte Ltd now owns 561 shares of the company's stock worth $32,000 after purchasing an additional 240 shares during the last quarter. ORG Partners LLC bought a new stake in shares of Roblox in the 2nd quarter worth $33,000. Larson Financial Group LLC raised its holdings in shares of Roblox by 819.0% in the first quarter. Larson Financial Group LLC now owns 579 shares of the company's stock valued at $34,000 after purchasing an additional 516 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Roblox during the 1st quarter worth approximately $39,000. Finally, Generali Asset Management SPA SGR purchased a new position in Roblox in the second quarter worth $40,000. Institutional investors and hedge funds own 94.46% 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.

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