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Roblox upgraded to "Neutral" at MoffettNathanson following share price plunge

Investing.com -- Analysts at MoffettNathanson have hiked their rating of Roblox (NYSE:RBLX) to "Neutral" from "Sell," citing a steep drop in the price of the video-gaming group's stock on Thursday.

Roblox reported first-quarter financial results that surpassed analyst expectations for earnings and revenue, but a weaker-than-projected bookings outlook for the current quarter sent shares plummeting.

The company announced a first-quarter loss per share of $0.43, which was $0.10 better than the analyst estimate of a $0.53 loss per share. Revenue for the quarter reached $801.3 million, exceeding consensus expectations of $769 million and marking a 22% increase versus a year ago. Quarterly ​bookings grew 19.4% to $923.8 million, within the company's guidance range of $910 million to $940 million.

However, the firm's forecast for second-quarter bookings of between $870 million and $900 million fell short of the analysts' consensus estimates of $902.5 million.

"Small (ish) changes in expectations drive big changes in perceived value. As we saw yesterday," the MoffettNathanson analysts said.

Shares in Roblox edged slightly higher in early U.S. trading on Friday.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.