5 Stocks That Will Skyrocket

4. Roblox Corporation (NYSE:RBLX)

Number of Hedge Fund Holders: 40

Share price as of August 10: $46.05

Roblox Corporation (NYSE:RBLX) is a communication services company operating an online entertainment platform. The company’s main product is Roblox Studio, a free toolset allowing users to build, publish, and operate 3D experiences and other content.

In the second quarter, Roblox Corporation (NYSE:RBLX) grew its revenue to $639.9 million, beating estimates by $13.7 million. The company had year-over-year revenue growth of 57.3%. Roblox Corporation (NYSE:RBLX) has been steadily increasing its daily active users (DAUs) because of the uniqueness of its platform. Between 2018 and 2021, the company’s DAUs grew from 10.3 million to 42.1 million. The company’s growth during the pandemic was significant, standing at 82% year-over-year in 2020, and 140% year-over-year in 2021. The company’s revenue is expected to rise another 186% to $2.7 billion this year.

Out of 912 hedge funds that filed 13Fs in the first quarter, 40 funds were long Roblox Corporation (NYSE:RBLX), owning $1.8 billion in shares. In comparison, 61 hedge funds held stakes in the company in the previous quarter, with a total stake value of $4.03 billion.