Roblox stock advanced to a multiyear high on Friday, continuing a winning streak following its recent breakout.
On Tuesday, Roblox stock broke out of a cup-with-handle base at a buy point of 74.24, according to IBD MarketSurge charts. It flirted with that buy point on Monday but ended the regular session just below it.
On the stock market today, Roblox stock climbed as high as 82.02, which is its highest point since early 2022. It ended the regular session up 0.6% to 81.27.
The online gaming and social platform delivered a beat-and-raise first-quarter earnings report on May 1.
Roblox reported 97.8 million average daily active users, up 26% year over year, in the first quarter. Analysts had expected 93.1 million.
Roblox operates a 3D virtual space for people to socialize and play games. Its online experiences range from gaming and hangouts to concerts, sports, fashion shows, education and entertainment.
Rihanna Selling Beauty Products On Roblox
On Thursday, the San Mateo, Calif.-based company announced new shopping experiences on the Roblox platform. Users can now buy physical products directly within their favorite Roblox experiences and receive avatar items as part of the purchase.
Eligible brands and creators can bundle physical purchases with digital items via Roblox's new Commerce APIs, with Shopify as its first integration partner. An API is an application programming interface.
One early adopter of the service is Fenty Beauty, the beauty products brand founded by pop singer Rihanna.
Fenty's new shoppable game on Roblox offers a brand-new shade of the company's Gloss Bomb Universal Lip Luminizer exclusively in-game.
Roblox stock is on two IBD lists: IBD 50 and Tech Leaders.
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