Roblox (NYSE: RBLX) went public via a direct listing on March 10, 2021, and its stock opened at $64.50. Investors were initially impressed by the gaming platform's rapid growth, and its stock hit an all-time high of $134.72 on Nov. 19, 2021.

However, Roblox's stock now trades more than 70% lower at about $38 a share. It lost its luster as it faced tough year-over-year comparisons against its growth spurt during the pandemic, and rising interest rates further compressed its valuations. That was a steep drawdown, but it might represent a good buying opportunity for patient investors.

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Source Fool.com