JPMorgan reiterated its Neutral rating and $100 price target on Roblox (NYSE: RBLX) after noting a decline in recent engagement metrics.

The firm reported that Roblox's peak concurrent users fell to 23 million over the past weekend, down from 26 million the prior week and marking the lowest Saturday peak since early June. While the game Escape Tsunami continued to scale to roughly 5 million concurrent users, its growth trailed that of the recent viral hit Plants vs. Brainrots and was more than offset by an approximate 3 million decline in concurrent users for Steal a Brainrot.

JPMorgan said Winter Storm Fern was unlikely to have materially affected the data, as increased engagement from children staying home was offset by widespread power outages affecting more than 200,000 households on Saturday afternoon and as many as 750,000 by Sunday morning.

Weekday engagement trends were viewed more favorably, with non-peak usage remaining largely stable week over week even after adjusting for the Martin Luther King Jr. holiday. JPMorgan suggested that a slower weekend event calendar may have contributed more to the engagement dip than age verification changes. Regardless of the cause, the firm said engagement results were disappointing, with year-over-year trends moderating again after showing tentative signs of stabilization the prior week.