Roblox Corporation (RBLX) shares plummeted 5.01% during Tuesday's intraday trading session, marking a significant decline for the gaming platform company.
The sharp drop followed news that Canaccord Genuity reduced its price target for Roblox from $160 to $140. Analyst price target cuts are often interpreted by investors as a signal of reduced confidence in a company's future growth prospects or valuation, which can trigger selling pressure.
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