Roblox Corp (NYSE: RBLX) shares are trading higher by 6.8% at $84 Wednesday afternoon after Morgan Stanley maintained an Overweight rating on the stock and raised its price target from $87 to $88.
Roblox shares were trading lower Tuesday after the company reported second-quarter earnings results.
Roblox reported quarterly losses of 25 cents per share. The company also reported $454.10 million in sales this quarter, representing a 126% increase over sales of $200.39 million in the same period last year.
“Our continued growth demonstrates the importance of our mission and the power of our platform,” said David Baszucki, Chief Executive Officer of Roblox.
“These results are fueled both by our creator ecosystem and by the millions of people around the globe who want to connect and share new experiences every day on Roblox,” Baszucki said.
Roblox is an online entertainment platform, where users can interact with each other to explore and develop immersive, user-generated and 3D experiences. The platform offers a wide range of online games for kids, teens, and adults.
Roblox has a 52-week high of $103.87 and a 52-week low of $60.50.
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