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However, the stock has declined 15.7% in price over the past month and 18.9% over the past three months to close its last session at $70.44.
Last month, the National Music Publishers’ Association (NMPA) settled a case with RBLX regarding its alleged illegal use of songs from numerous artists. Although the terms of the agreement were not announced, NMPA had claimed roughly $200 million in damages from the company in June 2021. Jefferies (NYSE:JEF) analyst Andrew Uerkwitz maintained a Hold rating in the stock but lowered the price target. Moreover, RBLX’s near-term prospects look bleak as schools reopen and children spend less time at home.
