Roblox Corp. (RBLX) is showing signs of life.
After consolidating around $35 for the last few weeks, the gaming stock just broke out. From a current price of $42.28, we’d like to see it test $50 again, near-term.
At the moment, shares are up $6.63 on a volume spike to 28.3 million, as compared to average volume of 20.3 million. All thanks to September growth. Daily active users were 57.8 million, up 23% year over year. Hours engaged were 4 billion, up 16% year over year. Better, estimated bookings were between $212 million and $219 million, up 11% to 15% year over year.
We also have to consider the metaverse could be bullish for RBLX, too.
Remember, according to analysts at Emergen Research, the metaverse market could be worth up to $828.95 billion by 2028. Even analysts at Bloomberg Intelligence says it could reach $800 billion by 2024. In short, we could be looking at a massive game-changing market here for companies, such as Roblox Corp.
At the moment, Roblox is the closest thing to a mainstream social metaverse, with a mission of building a human co-experience platform that enables billions of users to come together to play, learn, communicate, explore and expand their friendships, according to the company.