RBLX Stock Forecast 2024: Roblox Corporation Remains Weak With A Upside Of 34.25%

ZM Stock

In the last trading session, 6.39 million shares of the Roblox Corporation (NYSE:RBLX) were traded, and its beta was 1.63. Most recently the company’s share price was $37.84, and it changed around -$0.34 or -0.89% from the last close, which brings the market valuation of the company to $23.90B. RBLX currently trades at a discount to its 52-week high of $47.65, offering almost -25.92% off that amount. The share price’s 52-week low was $24.88, which indicates that the current value has risen by an impressive 34.25% since then. We note from Roblox Corporation’s average daily trading volume that its 10-day average is 7.6 million shares, with the 3-month average coming to 7.93 million.

Roblox Corporation (NYSE:RBLX) trade information

Instantly RBLX has showed a red trend with a performance of -0.89% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently down -17.24% year-to-date, but still up 1.56% over the last five days. On the other hand, Roblox Corporation (NYSE:RBLX) is -5.16% down in the 30-day period. We can see from the shorts that 17.18 million shares have been sold at a short interest cover period of 2.35 day(s).

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The consensus price target as assigned by Wall Street analysts is $54.86, which translates to bulls needing to increase their stock price by 31.02% from its current value. Analyst projections state that RBLX is forecast to be at a low of $20 and a high of $125.

Roblox Corporation (RBLX) estimates and forecasts

Roblox Corporation share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 35.97 percent over the past six months and at a -12.30% annual growth rate that is well below the industry average of 9.80%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -20.50% in revenue this quarter, and will report a decrease of -13.00% in the next quarter. The year-over-year growth rate is expected to be 16.30%, up from the previous year.

Consensus estimates provided by 20 financial analysts predict the company will bring in an average of $923.13 million in revenue for the current quarter. 19 analysts expect Roblox Corporation to make $940.36 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $773.82 million and $784.86 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 19.30%. Forecasts for the next quarter put sales growth at 19.80%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -63.26%. Roblox Corporation earnings are expected to increase by -11.64% in 2024, but the outlook is positive 10.19% per year for the next five years.

RBLX Dividends

Roblox Corporation’s next quarterly earnings report is expected to be released around May 08 and May 13.

Roblox Corporation (NYSE:RBLX)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 5.66% of Roblox Corporation shares, and 73.18% of them are in the hands of institutional investors. The stock currently has a share float of 77.56%. Roblox Corporation stock is held by 905 institutions, with Altos Ventures Management Inc. being the largest institutional investor. By Jun 29, 2023, it held 12.51% of the shares, which is about 70.89 million shares worth $2.86 billion.

Morgan Stanley, with 6.37% or 36.09 million shares worth $1.45 billion as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and ARK ETF Tr-ARK Innovation ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 11.39 million shares worth $459.08 million, making up 2.01% of all outstanding shares. On the other hand, ARK ETF Tr-ARK Innovation ETF held roughly 8.49 million shares worth around $245.84 million, which represents about 1.50% of the total shares outstanding.