Why Roblox Stock Rose 25% Last Month
Roblox (NYSE: RBLX) had a fantastic month in October 2022. The stock gained 24.8% last month, according to data from S&P Global Market Intelligence. Roblox's surge hinged on two particularly epic days.
First, Roblox stock jumped 19.8% on Oct. 17 thanks to an impressive report of key metrics for September. The number of daily active users (DAUs) increased by 23% year over year to 57.8 million names, hours of engagement rose 16%, and estimated revenues for that month were comparable to the year-ago reading.
The next week, Roblox shares tagged along as the stock market as a whole had a fantastic day. The S&P 500 index gained 1.6%, and the tech-heavy Nasdaq Composite rose by 2.3%. Investors cheered reports that the Federal Reserve might soon slow down its interest rate increases. High-octane growth stocks have taken bigger hits from the economy's sputtering engines than other investment types, and Roblox is a poster child for growth-oriented investments. As a result, Roblox stubs boosted their market value by 9.2% on October 25.
Source Fool.com
