Citigroup Inc (NYSE:C) gave the go-ahead to investors looking to enter the metaverse via Roblox Corp (NYSE:RBLX) on Thursday, but one investor thinks the analyst firm needs to snap back to reality.
What To Know: Ritholtz Wealth Management's Josh Brown owns Roblox shares, but he still thinks lower lows are likely.
"This stock is not gonna work right now," Brown said Thursday on CNBC's "Fast Money Halftime Report."
He acknowledged the company has a fantastic business model and even expects the stock to do well over the long run, but he doesn't see anything turning the stock around anytime soon.
"I don't know what Citi is looking at," Brown said. "They should maybe have a technical analyst go over down the hall to this analyst's office and show them some things about how the actual real world works because this one looks like more 52-week lows, all-time lows are in its future."
Brown noted he isn't selling the stock at current levels because he wants to be in it when things turn around, but current market conditions are unfavorable for Roblox and from a technical perspective, it doesn't look good, he explained.
"I have a little bit of money in this, I'm trapped in it. I'm not adding to it, but I think there will be a time and place, but this ain't it," he said.
See Also: Here's Why Roblox CEO's Compensation Took A Radical Jump
RBLX Price Action: Roblox shares have traded between $36.04 and $141.60 over a 52-week period. According to Benzinga Pro data, the stock was down 2.64% at $44.66 at time of publication Thursday afternoon.
Photo: Courtesy of Roblox
