Cathie Wood is Buying These 5 Growth Stocks

3. Roblox Corporation (NYSE:RBLX)

Number of Hedge Fund Holders: 38  

Percentage Increase in Stake During Q2 2022: 22%    

Roblox Corporation (NYSE:RBLX) develops and operates an online entertainment platform. Latest data shows that ARK Investment Management owned 7.4 million shares of Roblox Corporation (NYSE:RBLX) at the end of the second quarter of 2022 worth $221 million, representing 1.31% of the portfolio. 

On September 16, Needham analyst Bernie McTernan maintained a Buy rating on Roblox Corporation (NYSE:RBLX) stock and lowered the price target to $53 from $55, noting that advertising presented a substantial revenue opportunity for the firm. 

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Renaissance Technologies is a leading shareholder in Roblox Corporation (NYSE:RBLX), with 11.6 million shares worth more than $380 million.

In its Q4 2021 investor letter, Tao Value, an asset management firm, highlighted a few stocks and Roblox Corporation (NYSE:RBLX) was one of them. Here is what the fund said:

“Roblox Corporation (NYSE:RBLX) got significant more attention from both institutional & retail investors after Facebook announced to rename itself as Meta Platforms. I believe the price appreciation is largely attributed to the increased attention. On business side, Roblox rolled out a few successful music events and also partnered with Netflix on testing long-form media consumption in virtual world. Apple in its iOS 14.5 rolled out an impactful change for digital advertising landscape by requiring all apps to ask users to “opt in”.