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.

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.

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.