Roblox stock was trading at $43.26 as of 02:15 PM EDT.
After the company released better-than-anticipated September statistics on Monday, investment firm Needham increased its bookings and adjusted EBITDA expectations, which led to an increase in shares of Roblox ( NYSE:RBLX ).
Following the September statistics, which revealed that bookings were between $212 million and $219 million and daily active users were 57.8 million, up 23% year over year, analyst Bernie McTernan increased booking forecasts for the remainder of the year on Tuesday. Also, the company said that during the month, 4B “hours engaged,” which is 23% more than the year before.
After seeing the results, McTernan raised his adjusted EBITDA estimates for the third and fourth quarters by 6% and 12%, respectively. In addition, he increased the fourth-quarter bookings projection from $824 million to $852 million.
In a note to clients, McTernan said, “We are raising our bookings projections for the rest of the year, which could turn out to be conservative if historical seasonality holds off on this September’s outperformance.” The analyst reiterated his buy rating and $53 price target for Roblox ( NYSE:RBLX ). In premarket trading, shares of Roblox ( NYSE:RBLX ) increased by more than 4% to $44.32.
Last week, the research firm BTIG slightly lowered its predictions for Roblox’s ( NYSE:RBLX ) third-quarter bookings but said it was still optimistic about the company’s long-term economic prospects.
Roblox Stock Predictions for September
Customers spent more time playing ...
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