Such bookings will be counted as revenue by the company once customers have spent the Robux to acquire virtual items or make other purchases on the Roblox platform.Īcknowledging that Roblox's stock value has been damaged by investors' sudden aversion to growth stocks, Crum tweaked his price target on the gaming company's stock lower by 18%. In Roblox's case, by the way, "bookings" refers to customers' purchases of "Robux" virtual currency. Shares of the gaming platform now cost just 9.3 times next year's "bookings," when - in Crum's estimation - a valuation of 18x 2023 bookings would be more appropriate. Despite a "longer-term fundamental outlook is generally unchanged" since the IPO, Roblox's share price has now changed quite a bit. In a recent research note, Stifel analyst Drew Crum made the argument that investors' "rotation out of tech/growth/high valuation names" has created an attractive entry point into Roblox shares.
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