After gapping lower, Roblox Corp. (RBLX) is starting to push higher.
At the moment, RBLX is sitting at double bottom support, oversold on RSI, MACD, and Williams’ %R. From a current price of $105, we’d like to see the stock retest its prior high of $141.60.
Even better, Needham analyst Bernie McTernan just initiated coverage of RBLX with a buy rating, with a price target of $136.
“The company is in the early days of penetrating the global gaming market despite the acceleration during the pandemic, and he sees its continued growth in DAUs and engagement leading to about 20% annual bookings growth through FY25.. McTernan adds that being a metaverse platform is a big opportunity which Roblox has advantages to unlock,” notes TheFly.com.
With plenty of momentum, RBLX could perform well in New Year 2022.