12:01 PM EDT, 03/25/2024 (MT Newswires) -- Roblox's ( RBLX ) platform-wide event The Hunt has some room for improvement, Oppenheimer said in a note to clients on Monday.

"We confirmed from multiple sources that RBLX's internal term and third-party developers were given only three weeks to prepare for The Hunt's launch," said Oppenheimer analysts Martin Yang and Andrew Northcutt.

"Participating experiences were handpicked by RBLX employees without broader conversation with players and developers. The short preparation explained The Hub's recycled assets, lack of thoughtful progression/rewards, lack of quality control of rewards and participating experiences," the analysts said.

The company launched new rewards, items for sale and changes to the online on Friday for the second weekend of The Hunt event, the investment firm said.

"By comparing W/W changes in hourly concurrent user (CCU) of the top 12 Roblox ( RBLX ) experiences, we conclude that The Hunt did not provide meaningful uplift across all experiences," the note said, citing third-party data source.

"Among top 12 experiences, six participated in The Hunt. CCU trends among those six did not show meaningful, universal improvement. Moreover, some participating experiences showed meaningful deterioration in CCU in the second weekend of The Hunt," the investment firm said.

The analysts added that, according to conversations with industry sources at the Game Developer Conference, The Hunt showed some "execution missteps" and there's "room for improvement for future events."

Also, Amazon (AMZN) has been been selling Roblox ( RBLX ) gift cards at a 20% discount since Friday, a "steep discount" that "only took place on two days in the past three years," Oppenheimer said.

However, Oppenheimer's "long-term positive view on platform-wide events is unchanged" as it gives the company "more control over engagement and monetization."

The investment firm has a perform rating on Roblox ( RBLX ).

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