Bearish mood pushes Roblox to session low of $43.53

Published: March 19 2023, 10:30 GMT+0

Bearish mood pushes Roblox to session low of $43.53

Friday at a glance: during Friday's session, Roblox Corporation toiled and struggled for upward momentum before closing at $43.69. By the close, the the game maker suffered a $1.64 or 3.62% loss.

  • Trading volume totalled 13.61 million which equates to around 95% of the stock's 21-day average Friday.

With investors awaiting market open on the New York Stock Exchange in a day, Friday's session was noteworthy in that Nasdaq dropped by 0.74% to close at 11,631. Roblox ended the day at $43.69, doing worse than the Communication Services sector which saw a 0.216% increase this session.

The innovative game platform has managed to gain 42.68% so far this year despite trading at lows around $23.19 previously. So far this year, it has performed better than the Nasdaq by 35.84%. Currently, the game maker has a market capitalization of $26.44 billion with an average daily trading volume of 14.29 million shares. Roblox last reported revenue of $579 million with an EPS of -48 cents.

Roblox was not the only decliner in the communication services sector; Meta Platforms went down 4.55%, closed at $204.93. AT&T closed at $18.13 (down 1.41%).

On the other hand, positive performances could be seen by looking at other communication services stocks as Alphabet was up 1.38%.