Why Roblox Stock Popped Today

• RBLX
  +12.73%

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Roblox (NYSE:RBLX) shares jumped 5% Monday after executives detailed plans to broaden the gaming platform and pursue new audiences at its annual developer conference.

The <a href="https://seekingalpha.com/news/4642424-roblox-lays-out-growth-plans-at-rdc-as-analysts-seek-signs-of-payoff” rel=”nofollow noopener” target=”_blank”>companyis working to let creators distribute their Roblox-made games as separate applications across phones, computers and consoles. Players are also expected to gain browser-based access, while Roblox is adding offline features and artificial intelligence tools to assist game development.

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A major part of the strategy is reaching older users. New features are designed to support a wider variety of game styles, while a digital wallet and Roblox card could give creators additional ways to handle revenue generated from their content.

Bank of America analyst Omar Dessouky said the expanded game offering could help Roblox reach a portion of the mobile gaming market that remains less represented on the platform. The brokerage raised its price target to $48 from $44 while keeping a Neutral rating.