Roblox Corp RBLX shares are trading sharply higher by 9.09% to $43.09 during Friday's trading session despite a lack of company-specific news. Shares of several companies in the broader communications, media and entertainment industry are also trading higher this week amid strength in growth stocks. Recent positive commentary from Yahoo! Finance may also be contributing to the move upward in Roblox shares.
Discussing Roblox shares on Yahoo Finance Thursday, Needham Analyst Bernie McTernan said "I think that part of it is that the third-party data that we have been hearing about all pointed to a really negative May, and that catalyst for the shorts has came and went”.
“Then the question is: What are you applying next? Really we think there will be improvement in the second half of the year as comparable [data] begins to normalize. We expect to be looking at high teens, maybe even low 20%, bookings growth into 2023,” McTernan said.
See Also: Why Twitter Stock Is Falling Today
Roblox operates an online video game platform that lets young gamers create, develop and monetize games.
According to data from Benzinga Pro, Roblox has a 52-week high of $141.60 and a 52-week low of $21.65.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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