Why Roblox Stock Fell Another 10% in March
Shares of Roblox Corporation (NYSE: RBLX) were down 10.3% in March, according to data provided by S&P Global Market Intelligence. The stock was down almost 30% early in the month, as many analysts lowered their expectations for the company. However, the stock recovered a lot of ground starting in mid-March, which coincided with Roblox's management releasing user engagement metrics for February. So it's possible investors liked what they saw in the February data. That said, the market generally performed better in the second half of March compared to the first half. Therefore, better market conditions helped Roblox recover as well.
For the most part, analysts weren't overly bullish on Roblox stock in March. Jefferies analyst Andrew Uerkwitz had previously set a price target of $60 per share for Roblox. But on March 10, Uerkwitz lowered their target to $50 per share, according to The Fly. And Uerkwitz wasn't alone. Analysts from Deutsche Bank, BTIG, and Needham also lowered their price targets for Roblox stock during March, weighing down the stock.
Source Fool.com