- Roblox share price experienced a massive growth in October 2022.
- The company saw its all-time high in share price during November 2021.
- RBLX stock was changing hands at $39.14 at the time of writing.
Roblox Sees a Growth in Daily Active Users
Metaverse is becoming an extravaganza as the companies around the world are developing several aspects of the virtual worlds. Companies like Microsoft (MSFT), Alphabet (GOOG), Intel (INTC) and more are already exploring these realms. Roblox, the most beloved metaverse platform currently, has witnessed some serious growth in a year. Roblox Corporation (RBLX) stock price can see some positive changes considering the increasing attention from users.
According to a report, the daily user count grew by over 20% to 57.8 Million in a year. The company’s third quarter financials are still awaited by the users. Roblox has performed well in 2022 considering their overall year on year financial growth by 30.19%. They generated $537.13 Million in revenue during the first quarter and $591.21 Million in the second.
Currently, RBLX stock price was trading at a market value of $39.14 in the last 24 hours. The stock has broken the resistance levels at several occasions in the last 6 months, considering the share price since May 2022. If the momentum continues, the price can elevate their resistance to even $70 in the coming months.
RBLX stock currently holds support near the $35 level. The price bounced during October 2022 when the metaverse platform announced that they are deploying patrol bots in their virtual worlds. The news came as several users reported inappropriate content on the network in recent times. This caused the stock value to jump by over 25% in the month. It traded the highest at $46.9 during Oct 2022.
According to a BBC report, some bad actors have created explicit private spaces where users can do virtual sex. The organization since have taken the matter in the hands to eliminate anything that can hinder their growth and destroy company goodwill. The bots will kick any game out of the platform falling under suspicion.
The metaverse platform has attracted a myriad of companies to set up their businesses on its virtual grounds including Spotify, Gucci, Vans and more in the past. The biggest success of the platform came when they landed a deal with Nike in November 2021. This led the RBLX stock price to skyrocket to its all-time high of $141.6 on November 22, 2021.
The organization became one of the first entities to enter the metaverse. They announced that they’ll launch NIKELAND, a virtual world designed after the company HQ, on Roblox.
The metaverse is still in its infancy and several tech giants are working together to give a boost to its development. Companies like Microsoft (MSFT), Intel Corporation (INTC), Nvidia (NVDA) and more have the opportunity to flourish in the future as they are already traversing through various corners of digital spaces.
Source: https://www.thecoinrepublic.com/2022/11/09/can-rblx-stock-maintain-the-current-price-momentum/