Covestor Ltd Raises Stake in Roblox Co. (NYSE:RBLX)

Covestor Ltd lifted its position in shares of Roblox Co. (NYSE:RBLX) by 434.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,726 shares of the company’s stock after buying an additional 1,403 shares during the quarter. Covestor Ltd’s holdings in Roblox were worth $66,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of RBLX. Franklin Resources Inc. grew its holdings in Roblox by 195.1% in the fourth quarter. Franklin Resources Inc. now owns 7,809,329 shares of the company’s stock valued at $357,043,000 after purchasing an additional 5,162,833 shares during the period. Vanguard Group Inc. grew its holdings in Roblox by 10.4% in the first quarter. Vanguard Group Inc. now owns 51,082,302 shares of the company’s stock valued at $1,950,322,000 after purchasing an additional 4,818,022 shares during the period. Norges Bank acquired a new position in Roblox during the fourth quarter valued at approximately $216,194,000. Ieq Capital LLC lifted its position in Roblox by 27.6% during the first quarter. Ieq Capital LLC now owns 12,409,924 shares of the company’s stock valued at $473,811,000 after buying an additional 2,684,713 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in Roblox by 836.1% during the fourth quarter. First Trust Advisors LP now owns 2,739,514 shares of the company’s stock valued at $125,251,000 after buying an additional 2,446,867 shares in the last quarter. 91.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Roblox

In other news, CEO David Baszucki sold 166,668 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $40.21, for a total value of $6,701,720.28. Following the transaction, the chief executive officer now owns 142,260 shares in the company, valued at approximately $5,720,274.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO David Baszucki sold 166,668 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $40.21, for a total value of $6,701,720.28. Following the transaction, the chief executive officer now owns 142,260 shares in the company, valued at approximately $5,720,274.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael Guthrie sold 30,000 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $37.82, for a total value of $1,134,600.00. Following the completion of the transaction, the chief financial officer now owns 374,633 shares in the company, valued at approximately $14,168,620.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 463,889 shares of company stock valued at $17,050,105. 22.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

RBLX has been the topic of a number of recent research reports. Roth Capital cut shares of Roblox from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 14th. Wolfe Research started coverage on shares of Roblox in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. The Goldman Sachs Group cut their price target on shares of Roblox from $48.00 to $38.00 and set a “neutral” rating on the stock in a report on Monday, May 13th. JPMorgan Chase & Co. raised shares of Roblox from a “neutral” rating to an “overweight” rating and upped their price target for the company from $41.00 to $48.00 in a report on Tuesday, April 23rd. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $56.00 target price (down previously from $57.00) on shares of Roblox in a research note on Monday, May 13th. Eight analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Roblox currently has an average rating of “Moderate Buy” and a consensus target price of $42.59.

Roblox Stock Performance

Shares of RBLX opened at $39.96 on Thursday. Roblox Co. has a 52-week low of $24.88 and a 52-week high of $47.20. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 16.04. The firm has a 50-day moving average price of $36.43 and a 200 day moving average price of $38.12.

Roblox (NYSE:RBLX) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.10. Roblox had a negative net margin of 39.19% and a negative return on equity of 1,110.40%. The company had revenue of $923.76 million during the quarter, compared to the consensus estimate of $918.85 million. During the same period in the prior year, the company earned ($0.44) EPS. Roblox’s revenue was up 19.4% on a year-over-year basis. On average, sell-side analysts predict that Roblox Co. will post -1.67 earnings per share for the current fiscal year.

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.