Roblox Stock Is Moving Higher Wednesday: What's Going On?

Roblox Corporation (NYSE:RBLX) shares are trading higher Wednesday following positive analyst coverage from JPMorgan. Here’s what you need to know.

What To Know: JP Morgan analyst Cory Carpenter maintained an Overweight rating on Roblox on Wednesday and raised the price target from $120 to $125.

JPMorgan’s $125 target is the Street-high for Roblox. The consensus target currently sits at $83.70, according to Benzinga data.

The analyst update comes after Roblox announced the launch of its new licensing platform on Tuesday.

The new platform enables rights holders to offer intellectual property for creators to integrate into their experiences in days instead of months. At launch, the catalog features titles from Lionsgate, Netflix, Sega and Kodansha, including Stranger Things, Squid Game, Twilight, Saw and Like a Dragon.

Analysts have been growing more bullish on Roblox in recent weeks. Notable moves this month include Citigroup, which maintained a Buy rating and raised its price target from $100 to $123, and BTIG, which also maintained a Buy and lifted its target from $73 to $124.

Roblox has a strong momentum score of 97.33, according to Benzinga Edge rankings. The stock has more than doubled over the past three months.

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RBLX Price Action: At the time of writing, Roblox shares are trading 6.44% higher at $119.76, according to data from Benzinga Pro.

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