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Keep an eye on metaverse stocks.
While they won’t make you an overnight millionaire, they can still make you a good deal of money with patience.
Precedence Research predicts the global metaverse market could be worth nearly $2.3 trillion by 2033 from $92.46 billion in 2023. Allied Market Research says the market could be worth $1.23 trillion by 2030. Also, corporate giants are racing to use the technology. That includes IKEA, McDonald’s, Hugo Boss, Nike, Adidas and Walmart to name a few.
Even governments in the UK, South Korea and Saudi Arabia are investing in it. The Saudis, for example, are investing $1 billion in metaverse projects as part of its Vision 2030 plan.
That being said, investors should keep a close eye on stocks such as:
Roblox (SYM: RBLX)
A pure play on the metaverse, Roblox has been explosive.
Since bottoming out at around $38 in October, it’s now up to $60.81. Overbought, we’d wait for this one to pull back before buying. Helping, Morgan Stanley just upgraded the RBLX stock to overweight on strong company earnings and guidance.
“Recent results leave us incrementally positive on RBLX’s ability to consistently execute and gain share on the path to its long-term opportunity. We believe consensus underappreciates the potential for RBLX to exceed its 20% bookings growth targets as it continues expanding its audience,” said the firm, as quoted by Seeking Alpha.
In its third quarter, the company’s EPS loss of 37 cents beat by a penny. Bookings of $1.13 billion, up 34.6% year over year, beat by $110 million. Average daily users jumped 27% year over year to 88.9 million. Average monthly unique payers jumped 30% year over year.
Autodesk (SYM: ADSK)
With different products designed specifically for building VR and AR 3D animations and buildings, Autodesk is helping to build the metaverse. It’s also been an explosive stock, running from about $230 to a recent high of $307.01.
Recent earnings were solid with EPS of $2.17 beating by five cents. Revenue of. $1.57 billion, up 11.3% year over year, beat by $10 million.
Fidelity Metaverse ETF (SYM: FMET)
You can also diversify with the Fidelity Metaverse ETF.
With an expense ratio of 0.39%, the oversold FMET ETF appears to have recently caught double-bottom support from April. Like most other stocks and ETFs, it’s also getting beat up by the latest overdone market pullback.
At the moment, the ETF holds 52 metaverse-related stocks that are part of developing, manufacturing, distributing, or selling products or metaverse services, according to Fidelity.com. Some of its top holdings include Adobe, Apple, Microsoft, Alphabet, Advanced Micro Devices and Meta Platforms to name a few.
