#2 - Roblox (NYSE:RBLX)
Speaking of gaming, another tech stock that is showing a great deal of promise is Roblox (NYSE:RBLX). Roblox represents the future of gaming as it is a developer of mobile gaming that is built on user-generated content. There are a couple of things that makes Roblox intriguing. First of all, it targets kids which wouldn’t necessarily be interesting except that it’s apparent that kids are getting significant money from their parents for in-app purchases.
That explains why RBLX stock shot up to $69.50 after going public via a direct listing in March. And that was not without reason. The company’s Roblox app was the highest-grossing mobile game for the first quarter.
But after dropping after a disappointing earnings report, RBLX stock has climbed nearly 20%. Even when the company reported that its active users in May dropped slightly from April, the stock is still looking to hold support around its 50-day simple moving average.
One reason why it may do just that requires a closer look at the numbers. Active users were up significantly year-over-year and the average number of hours increased as well.
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.
Read More - Current Price
- $49.35
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 15 Buy Ratings, 7 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $55.30 (12.1% Upside)
