Roblox (RBLX) Stock Hits Record High: Enters The Breakout Zone

The coronavirus pandemic came as a major boost for businesses involved in the online entertainment space and one of the many companies to have benefitted from that is the online entertainment platform Roblox Corp (NYSE:RBLX). Hence, it came as no surprise that the Roblox stock performed fairly impressively since it went public in March this year.

Roblox (RBLX) Stock Hits Record High: Enters The Breakout Zone

However, the stock has flattened out in recent days and it is believed that bullish investors are currently waiting for a possible breakout in the Roblox stock.

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Earlier in the month, the company announced its financial results since it had its direct listing. The losses for the period came in at $134.2 million, which worked out to 46 cents a share. In the year ago period, the losses had stood at $74.4 million. However, long-term investors might be more intrigued by the fact that users spent as much as 9.7 billion hours on the platform during the quarter. This is a company that could be tracked closely at this point.

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.