Concurrent Stock, Debt Offerings Pressure Novavax Stock

Investors are also not taking kindly to Roblox's November metrics

Digital Content Manager
Dec 15, 2022 at 3:44 PM
facebook twitter linkedin


Stocks are reeling this afternoon, as Wall Street fears the Federal Reserve's hawkish stance may push the economy into recession. Netflix Inc (NASDAQ:NFLX), Novavax Inc (NASDAQ:NVAX), and Roblox Corp (NYSE:RBLX) are among the names feeling the heat, though they are each deepening their respective selloffs for different reasons, which we'll dive into below.

Neftlix's Ad-Supported Service Disappoints

Netflix stock was last seen down 9.4% at $288.06 at last check, after online magazine Digiday reported ad-supported viewership is falling short, and that the streaming name allowed advertisers to pull ads that are yet to run. According to five agency executives, Netflix has delivered only 80% of the expected audience. Shares are now breaching a recent floor at the $300 level, and slipping below the 40-day moving average. Year-to-date, NFLX has lost 52.2%.

Novavax Stock Hits 2-Year Low

Meanwhile, NVAX is off 27.8% to trade at $12.44 at last check, after the drug maker announced concurrent offerings of $125 million of common stock, and $125 million of convertible debt. In response, BofA Global Research slashed the stock's price target to $13 from $16. The security earlier hit a fresh two-year low of $12.08, and has now lost long-term support from the $15 level. Over the last 12 months, NVAX has shed 93.2%. 

Unpacking Roblox's Dismal Metrics

RBLX's selloff came after the gaming name said average bookings per daily active user in November could dip 7% to 9% year-over-year, as foreign currencies fluctuate Shares are down 17.1% at $27.45 this afternoon, with its last rally falling short of the $36 level as the 40-day moving average continues to enact pressure. RBLX is off 73.5% in 2022.

 

Now is the time to join our thriving community of Event Traders who consistently profit from every earnings season. With this discounted subscription opportunity, you'll stay ahead of the curve and seize opportunities others miss. Do not let Q3 earnings season pass you by – subscribe now and supercharge your portfolio with expert insights that turn market reactions into profit-generating opportunities!! Don't waste another second... join us right now before the next trade targeting +200% is released!