Down 69%, It's Time to Buy Roblox Stock Hand Over Fist
Roblox (NYSE: RBLX) stock is down 69% year to date thanks to slowing growth through the first half of the year. However, the stock hit a 52-week low of $21.65 months ago, and shares are currently trading around $33. There could be more upside in 2023.
After reporting declining bookings (a non-GAAP measure of revenue) in the second and third quarters, Roblox posted double-digit growth in bookings in the third quarter. Daily active users and hours of time spent on the platform reached new highs in the quarter.
The stock still looks expensive on a price-to-sales basis, but this could be the right time to start building a position.
Source Fool.com
