Why Roblox Stock Was Up Today
Shares of mobile gaming platform Roblox (NYSE: RBLX) were up 6% as of 2 p.m. ET on Friday, continuing a hot streak that started about two months ago. Since market close on May 10, its stock is up 71%. That said, it's still down 70% from its all-time high.
Today's move could be a delayed reaction to positive news yesterday. After all, the market was down sharply on Thursday, but Roblox stock was basically flat. It seems investors liked what they heard about the company, but the market's down day kept it from going up yesterday.
This positive news came from Needham analyst Bernie McTernan and Bank of America analyst Omar Dessouky. Both McTernan and Dessouky had previously had a price target of $40 per share for Roblox stock. But coincidentally, both analysts raised their price targets yesterday to $45 per share, according to The Fly.
Source Fool.com
