AppLovin and Robolox are fresh out of the earnings confessional
AppLovin Corp (NASDAQ:APP) and Roblox Corp (NYSE:RBLX) both announced first-quarter results today. The former topped earnings and revenue estimates, while the latter beat top-line expectations, but missed on the bottom line. Below, let’s dive into how these two stocks are responding.
APP is up 14.8% at $84.98 at last check, after drawing six price-target hikes, including one from Jefferies to $105 from $93. The shares earlier scored a two-year high of $88.50, after bouncing off support from the $66 in late April. Today on track for its best percentage gain since April, AppLovin stock is adding to its 113.2% year-to-date lead.
RBLX was last seen down 20.7% at $30.95, on track for their worst day since August as a dismal annual bookings forecast due to weak player spending accelerates today’s losses. The security earlier fell to its lowest level since early October, after running into a familiar ceiling at the $41 region.
Both equities are getting blasted in the options pits. So far today, 35,000 calls and 22,000 puts have crossed the tape for APP, while RBLX has seen 172,000 calls and 133,000 puts traded — eight and 11 times the intraday average volume for each stock, respectively. The weekly 5/24 100-strike call is most popular for APP, while the June 40-strike call is more popular for Roblox stock, with positions opening at both.