5 Growth Stocks Reddit’s WallStreetBets Is Buying

2. Roblox Corporation (NYSE: RBLX)

Number of Hedge Fund Holders: 46   

Roblox Corporation (NYSE: RBLX) stock has returned 14% to investors over the past three months, It is placed second on our list of growth stocks Reddit’s WallStreetBets is buying. The company owns and runs an online entertainment platform. On June 15, research firm App Annie revealed that Roblox had topped mobile game grossing charts in the first three months of 2021. The firm is well-positioned to benefit from an increase in mobile gaming as home games become less popular as smartphones become more powerful.  

On June 30, investment advisory Citic Securities initiated coverage of Roblox Corporation (NYSE: RBLX) stock with an Overweight rating and a price target of $96, noting that the firm was the leading multiplayer creation and social platform. 

At the end of the first quarter of 2021, 46 hedge funds in the database of Insider Monkey held stakes worth $3.3 billion in Roblox Corporation (NYSE: RBLX).