JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Roblox (NYSE:RBLX) Stock

Roblox (NYSE:RBLX - Free Report) had its target price lifted by JPMorgan Chase & Co. from $62.00 to $72.00 in a report published on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other analysts also recently issued research reports about the company. Raymond James restated a "strong-buy" rating and issued a $60.00 target price on shares of Roblox in a research report on Friday, November 22nd. Wells Fargo & Company upped their price objective on shares of Roblox from $54.00 to $58.00 and gave the company an "overweight" rating in a research note on Friday, November 1st. The Goldman Sachs Group lifted their target price on shares of Roblox from $45.00 to $55.00 and gave the stock a "neutral" rating in a research report on Friday, November 1st. Citigroup boosted their price target on shares of Roblox from $53.00 to $63.00 and gave the stock a "buy" rating in a research note on Tuesday, November 5th. Finally, Macquarie raised their price objective on Roblox from $50.00 to $58.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Seven equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Roblox has a consensus rating of "Moderate Buy" and a consensus target price of $56.14.

Roblox Price Performance

RBLX traded down $0.30 on Friday, reaching $61.75. The company had a trading volume of 6,188,995 shares, compared to its average volume of 6,156,183. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.98 and a current ratio of 0.98. Roblox has a 52-week low of $29.55 and a 52-week high of $63.58. The company has a market cap of $37.52 billion, a price-to-earnings ratio of -37.65 and a beta of 1.43. The business has a 50 day simple moving average of $55.94 and a 200 day simple moving average of $46.62.

Roblox (NYSE:RBLX - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.37) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.39) by $0.02. Roblox had a negative net margin of 30.90% and a negative return on equity of 986.36%. The company had revenue of $919.00 million during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the firm posted ($0.45) EPS. The firm's revenue was up 9.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Roblox will post -1.56 EPS for the current year.

Insiders Place Their Bets

In related news, CEO David Baszucki sold 333,334 shares of the business's stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $57.31, for a total transaction of $19,103,371.54. Following the sale, the chief executive officer now owns 129,295 shares of the company's stock, valued at $7,409,896.45. The trade was a 72.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Manuel Bronstein sold 44,888 shares of the firm's stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $60.01, for a total transaction of $2,693,728.88. Following the transaction, the insider now directly owns 573,266 shares of the company's stock, valued at $34,401,692.66. This represents a 7.26 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,254,601 shares of company stock worth $65,622,735. Company insiders own 22.15% of the company's stock.

Institutional Trading of Roblox

Several hedge funds and other institutional investors have recently made changes to their positions in RBLX. Acadian Asset Management LLC boosted its holdings in Roblox by 219.7% in the second quarter. Acadian Asset Management LLC now owns 90,396 shares of the company's stock worth $3,360,000 after acquiring an additional 62,125 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in Roblox in the 2nd quarter worth about $84,000. Choreo LLC purchased a new stake in Roblox during the 2nd quarter valued at about $754,000. Royal London Asset Management Ltd. increased its stake in Roblox by 3.7% during the 2nd quarter. Royal London Asset Management Ltd. now owns 203,106 shares of the company's stock valued at $7,558,000 after purchasing an additional 7,341 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in Roblox by 6.6% in the second quarter. Daiwa Securities Group Inc. now owns 52,312 shares of the company's stock worth $1,947,000 after buying an additional 3,242 shares during the last quarter. Hedge funds and other institutional investors 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.