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
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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.


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