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Roblox could be in trouble going forward as it struggles to sustain booking growth in the medium-term, according to JPMorgan. Analyst David Karnovsky downgraded the stock to neutral from overweight and cut his price target to $35 from $53. The new price target implies a smaller upside of 19.2% as the stock sees cooled growth in bookings with more variability than expected by the firm.

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"We continue to be believers in the Roblox platform long-term and view it as a leader in the emerging metaverse category, though at this point see upside to shares as limited and volatility likely to continue," Karnovsky said in a note to clients. "We move to the sidelines and look for better conviction on bookings re-acceleration or improving profitability." The video gaming company saw shares fall 21% on Wednesday after it reported a larger-than-expected loss for the quarter, even though revenue came in above estimates. Karnovsky said Roblox's bookings – which he sees as a driver of total sales – did not grow as much as expected. He expects booking growth to exit the mid-teen growth rate and stay down in 2023. Karnovsky also pointed to Roblox lowering its EBITDA forecasts to less than 10% "'at least through 2023.'"