Norges Bank Makes New Investment in Roblox Corporation $RBLX

Norges Bank purchased a new position in Roblox Corporation (NYSE:RBLX) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 5,373,613 shares of the company’s stock, valued at approximately $435,424,000.

Other institutional investors have also added to or reduced their stakes in the company. Reyes Financial Architecture Inc. raised its position in Roblox by 164.4% in the fourth quarter. Reyes Financial Architecture Inc. now owns 312 shares of the company’s stock worth $25,000 after acquiring an additional 194 shares during the period. Fideuram Asset Management Ireland dac bought a new position in Roblox in the fourth quarter worth approximately $27,000. Indiana Trust & Investment Management Co bought a new position in Roblox in the fourth quarter worth approximately $32,000. Garner Asset Management Corp purchased a new stake in shares of Roblox in the fourth quarter worth $37,000. Finally, Sunbelt Securities Inc. increased its stake in shares of Roblox by 58.7% in the third quarter. Sunbelt Securities Inc. now owns 284 shares of the company’s stock worth $39,000 after purchasing an additional 105 shares in the last quarter. 94.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Roblox

In other Roblox news, insider Mark Reinstra sold 18,653 shares of the stock in a transaction on Monday, April 13th. The shares were sold at an average price of $57.94, for a total transaction of $1,080,754.82. Following the completion of the transaction, the insider owned 455,473 shares in the company, valued at $26,390,105.62. This trade represents a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO David Baszucki sold 50,628 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $45.28, for a total transaction of $2,292,435.84. Following the transaction, the chief executive officer owned 852,214 shares of the company’s stock, valued at $38,588,249.92. This trade represents a 5.61% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 183,471 shares of company stock valued at $8,930,068 over the last ninety days. Corporate insiders own 10.05% of the company’s stock.

Roblox Stock Performance

RBLX opened at $47.02 on Tuesday. The stock has a market capitalization of $31.58 billion, a price-to-earnings ratio of -29.76 and a beta of 1.44. The company has a fifty day moving average of $52.27 and a 200 day moving average of $68.85. Roblox Corporation has a fifty-two week low of $40.15 and a fifty-two week high of $150.59. The company has a debt-to-equity ratio of 2.45, a quick ratio of 0.89 and a current ratio of 0.89.

Roblox (NYSE:RBLX) last posted its earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.06. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.74 billion. Roblox had a negative net margin of 20.69% and a negative return on equity of 277.69%. Roblox’s quarterly revenue was up 43.4% on a year-over-year basis. During the same period last year, the company posted ($0.32) earnings per share. As a group, sell-side analysts forecast that Roblox Corporation will post -1.4 earnings per share for the current fiscal year.

Roblox declared that its board has approved a stock buyback plan on Tuesday, May 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the company to reacquire up to 9.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wedbush cut shares of Roblox from a “hold” rating to a “neutral” rating in a research note on Friday, May 1st. Needham & Company LLC assumed coverage on shares of Roblox in a research note on Friday, May 1st. They issued a “buy” rating and a $60.00 price objective for the company. Morgan Stanley reissued an “overweight” rating and issued a $62.00 price objective on shares of Roblox in a research note on Friday, May 1st. Canaccord Genuity Group reduced their price objective on shares of Roblox from $140.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Roblox in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $87.07.

About Roblox

Roblox Corporation operates Roblox, a user-generated online platform that enables people to create, share and monetize immersive 3D experiences and games. The core offering centers on Roblox Studio, a development environment that allows independent creators and studios to design interactive worlds using the company’s building tools and scripting language. Content on the platform spans games, virtual hangouts, branded experiences and live events, all delivered through a persistent social environment.

Roblox’s business model is built around its virtual economy and creator ecosystem.