Long Corridor Asset Management Ltd Invests $4.37 Million in Roblox Corporation (NYSE:RBLX)

Key Points

• Long Corridor Asset Management Ltd acquired 75,000 shares of Roblox Corporation, valued at approximately $4.37 million, making it the 11th largest position in their portfolio.
• Roblox's recent earnings report showed a loss of ($0.41) per share, missing analysts' expectations, although revenue increased by 50.5% year-over-year.
• Analysts have revised their price targets for Roblox; Barclays set a new target of $120.00, while Canaccord Genuity increased theirs to $160.00, indicating a generally positive outlook for the stock.

Long Corridor Asset Management Ltd bought a new position in Roblox Corporation (NYSE:RBLX - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 75,000 shares of the company's stock, valued at approximately $4,372,000. Roblox makes up about 3.3% of Long Corridor Asset Management Ltd's holdings, making the stock its 11th biggest holding.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MetLife Investment Management LLC grew its stake in Roblox by 0.5% in the 4th quarter. MetLife Investment Management LLC now owns 32,374 shares of the company's stock valued at $1,873,000 after buying an additional 161 shares during the last quarter. SBI Securities Co. Ltd. grew its stake in Roblox by 1.2% in the 1st quarter. SBI Securities Co. Ltd. now owns 13,295 shares of the company's stock valued at $775,000 after buying an additional 163 shares during the last quarter. Commerce Bank grew its position in Roblox by 2.7% in the 1st quarter. Commerce Bank now owns 7,257 shares of the company's stock worth $423,000 after purchasing an additional 191 shares during the last quarter. Ballentine Partners LLC grew its position in Roblox by 0.3% in the 1st quarter. Ballentine Partners LLC now owns 77,513 shares of the company's stock worth $4,518,000 after purchasing an additional 198 shares during the last quarter. Finally, Signaturefd LLC grew its position in Roblox by 3.8% in the 1st quarter. Signaturefd LLC now owns 6,153 shares of the company's stock worth $359,000 after purchasing an additional 225 shares during the last quarter. Hedge funds and other institutional investors own 94.46% of the company's stock.

Insider Activity

In other news, CEO David Baszucki sold 687,500 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $87.97, for a total transaction of $60,479,375.00. Following the transaction, the chief executive officer directly owned 211,559 shares in the company, valued at approximately $18,610,845.23. This represents a 76.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 5,127,213 shares of company stock worth $493,410,989 in the last quarter. 12.92% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on RBLX shares. Piper Sandler raised their price target on shares of Roblox from $105.00 to $138.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Barclays raised their price target on shares of Roblox from $62.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Friday, August 1st. Benchmark raised their price target on shares of Roblox from $77.00 to $150.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Canaccord Genuity Group raised their price target on shares of Roblox from $125.00 to $160.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, Wedbush raised their price target on shares of Roblox from $142.00 to $165.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $117.59.

Roblox Price Performance

RBLX stock traded down $1.64 during trading on Thursday, hitting $125.14. 6,493,902 shares of the stock traded hands, compared to its average volume of 9,423,289. Roblox Corporation has a one year low of $37.50 and a one year high of $150.59. The stock has a market cap of $80.72 billion, a price-to-earnings ratio of -87.51 and a beta of 1.63. The company has a 50 day simple moving average of $112.53 and a 200 day simple moving average of $82.49. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 2.94.

Roblox (NYSE:RBLX - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.04). Roblox had a negative net margin of 23.67% and a negative return on equity of 372.96%. The firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the prior year, the business earned ($0.32) earnings per share. The company's revenue for the quarter was up 50.5% on a year-over-year basis. Equities analysts expect that Roblox Corporation will post -1.49 EPS for the current fiscal year.

Roblox Company Profile

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.