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Roblox’s stock soars 18% in 5 days: What’s behind the surge?

Roblox's stock soars 18% in 5 days: What's behind the surge?

Roblox Corp. (NYSE: RBLX) has delivered a strong stock performance in 2023 as the company continues to attract more users.

Shares of Roblox surged more than 6% at the market open on Thursday, May 11, after the video game developer reported better-than-expected revenue and userbase growth. 

The price jump takes Roblox’s stock market gains to more than 18% in the past five days. The company’s shares were trading at $41.33 at the press time.

Roblox 1-week price chat. Source: TradingView

RBLX rose nearly 35% since the start of 2023, with the stock experiencing an expansive trading range from $27.85 to $46.43. Relative to its 52-week high of $53.88, Roblox’s shares are down 25%. 

Roblox’s Q1 report

On Wednesday, Roblox reported mixed Q1 2023 financial results. More specifically, the company posted a wider-than-expected loss per share of 44 cents, compared to Wall Street estimates of 40 cents.

On the other hand, revenue, which Roblox calls ‘bookings’ in its quarterly reports, came in at $774 million, topping the consensus estimates of $766 million. 

Most notably, the game developer’s average daily active users rose 22% year-over-year to 66 million. Engagement hours reached 14.5 billion in the quarter, up 23% compared to the year-ago quarter. Both figures represent new all-time highs for Roblox. 

Analysts upgrade RBLX stock rating

Following a positive earnings report, analysts at Roth/MKM upgraded Roblox’s stock from ‘neutral’ to ‘buy’, raising the price target to $48.00 

Based on 28 analyst opinions on TradingView, RBLX has a ‘neutral’ average rating, with 10 experts recommending a ‘strong buy,’ 3 advising a ‘buy,’ and 8 seeing the stock as ‘hold.’ However, 7 analysts still believe Roblox is a ‘strong sell.’

Roblox 1-year price forecast. Source: TradingView

Looking ahead, Roblox’s shares are expected to trade around $40.07 in 12 months, according to a consensus 1-year price forecast based on 23 analyst predictions. The forecasted price target is almost unchanged from RBLX’s current levels. 

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