RBLX - 1 Growth Stock Down 15% to Buy Right Now
2024-02-06 15:28:55 ET
Roblox (NYSE: RBLX) investors had a volatile 2023, with share prices rising and falling by over 30% on several occasions. The digital entertainment platform provider ended the year on an upbeat note, though, logging 61% annual gains compared to a 24% rally in the wider market.
The flip side of this volatility is that Roblox stock can sometimes be available at an attractive discount. That could be the case today given the stock's 15% drop since the start of 2024. Let's look at some reasons to like Roblox shares after their recent decline.
Growth momentum has been stellar lately. After decelerating for over a year following the pandemic-related demand spike, sales trends stabilized in late 2023 and are now rebounding. Revenue jumped 38% year over year in the most recent quarter compared to a 15% year-over-year uptick in the prior quarter. Most Wall Street pros expect sales to increase by a healthy 20% in fiscal 2024.
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1 Growth Stock Down 15% to Buy Right Now