Mirae Asset Global Investments Co. Ltd. Sells 27,077 Shares of Roblox Corporation $RBLX

Key Points

• Mirae Asset reduced its Roblox stake by 35.4% in Q4, selling 27,077 shares and leaving it with 49,513 shares valued at about $4.01 million.
• Heavy insider selling has occurred recently — insiders sold 551,996 shares worth roughly $38.42 million in the last three months, and insiders now own 12.92% of the company.
• Analysts are mixed but the consensus is a "Moderate Buy" with an average target of $116.76; Roblox posted strong revenue growth (quarterly revenue $1.42B, up 122.6% y/y) but remains unprofitable (EPS -$0.45).

Mirae Asset Global Investments Co. Ltd. cut its stake in Roblox Corporation (NYSE:RBLX - Free Report) by 35.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 49,513 shares of the company's stock after selling 27,077 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Roblox were worth $4,012,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in RBLX. Reyes Financial Architecture Inc. raised its position in Roblox by 164.4% during the fourth quarter. Reyes Financial Architecture Inc. now owns 312 shares of the company's stock valued at $25,000 after purchasing an additional 194 shares in the last quarter. Pilgrim Partners Asia Pte Ltd bought a new stake in Roblox during the third quarter worth about $26,000. Indiana Trust & Investment Management Co purchased a new position in shares of Roblox in the 4th quarter worth about $32,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Roblox in the 3rd quarter worth about $37,000. Finally, Root Financial Partners LLC bought a new position in shares of Roblox during the 3rd quarter valued at about $38,000. Institutional investors own 94.46% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Wolfe Research set a $100.00 price objective on Roblox in a report on Monday, January 5th. Citigroup cut their target price on Roblox from $105.00 to $90.00 and set a "buy" rating for the company in a research note on Monday, March 30th. TD Cowen reissued a "sell" rating on shares of Roblox in a research note on Tuesday, January 27th. Wedbush restated an "outperform" rating and issued a $110.00 price objective on shares of Roblox in a report on Friday, February 6th. Finally, Wells Fargo & Company lowered their price objective on shares of Roblox from $97.00 to $78.00 and set an "overweight" rating for the company in a report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $116.76.

Roblox Stock Performance

Shares of RBLX stock opened at $61.33 on Wednesday. The firm has a market capitalization of $41.01 billion, a price-to-earnings ratio of -39.57 and a beta of 1.67. The stock has a fifty day moving average of $60.51 and a 200 day moving average of $83.00. Roblox Corporation has a 52 week low of $51.23 and a 52 week high of $150.59. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 2.65.

Roblox (NYSE:RBLX - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.49) by $0.04. Roblox had a negative net margin of 21.78% and a negative return on equity of 304.42%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same period in the previous year, the firm earned ($0.33) EPS. The company's quarterly revenue was up 122.6% compared to the same quarter last year. As a group, research analysts expect that Roblox Corporation will post -1.61 earnings per share for the current year.

Insider Activity

In other Roblox news, insider Matthew D. Kaufman sold 13,325 shares of the firm's stock in a transaction dated Monday, April 13th. The shares were sold at an average price of $57.94, for a total value of $772,050.50. Following the completion of the sale, the insider directly owned 364,320 shares in the company, valued at $21,108,700.80. This trade represents a 3.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Gregory Baszucki sold 16,666 shares of Roblox stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $57.95, for a total value of $965,794.70. Following the sale, the director directly owned 1,302,834 shares in the company, valued at approximately $75,499,230.30. The trade was a 1.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 551,996 shares of company stock worth $38,421,146. 12.92% of the stock is owned by company insiders.

About Roblox

Roblox Corporation operates Roblox, a user-generated online platform that enables people to create, share and monetize immersive 3D experiences and games. The core offering centers on Roblox Studio, a development environment that allows independent creators and studios to design interactive worlds using the company's building tools and scripting language. Content on the platform spans games, virtual hangouts, branded experiences and live events, all delivered through a persistent social environment.

Roblox's business model is built around its virtual economy and creator ecosystem.

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