Roblox (NYSE:RBLX) provides gamers with an immersive and interactive platform and is also involved in the build-out of the metaverse. RBLX stock should have its overdue turnaround moment soon as Roblox recently posted impressive monthly user metrics.

Just a couple of years ago, gaming in the metaverse might not have seemed like a promising market. Today, however, Roblox is proving the skeptics wrong with a devoted community of gamers.

Indeed, there’s hard data to show that Roblox’s base of users is expanding, and that they’re spending lots of time on the platform. Still, the sentiment surrounding Roblox on Wall Street isn’t overwhelmingly positive. However, this could provide a contrarian setup for audacious, forward-thinking investors.

What’s Happening With RBLX Stock?

The best two words to describe the price action of RBLX stock would be “fire sale.” Indeed, the share price is less than one-third of its 52-week high of $141.60.

For the time being, even the most bullish traders need to be realistic. The Roblox share price isn’t likely to revisit its prior peak anytime soon. If it only gets to $60, that would represent good progress compared to the current stock price.

And hey, at least you’ll have famous investor Cathie Wood on your side if you decide to hold RBLX stock. Apparently, Wood bought shares of Roblox last year, and then bought more of them even as the price tumbled.

Meanwhile, Market Rebellion co-founder Jon Najarian seems to observe a scenario that’s so bad, maybe it can’t get much worse. On CNBC’s Fast Money Halftime Report, Najarian commented on Roblox, saying, “Obviously the stock has been slaughtered. It’s down so dramatically that people … are saying, I’m going to take a shot at this one.”

The Destructive Dollar

Perhaps, then, RBLX stock is down so far that the only direction from here is to the upside. As Najarian put it, “[s]ome of these stocks have been battered so severely that it’s hard to imagine a much worse scenario.”

At the very least, the bulls have Roblox’s May metrics on their side. Even as the U.S. dollar strengthened in May — thereby curbing Roblox’s bookings — the company demonstrated impressive growth in key metrics.

Not that everyone agrees with my positive assessment. Truist Securities analyst Matthew Thornton, interestingly enough, declared that Roblox’s “May metrics were weak.” Is he right about that?

Let’s see what the numbers reveal. In the month of May, Roblox had 50.4 million daily active users, up 17% year-over-year. So far, so good. The platform also recorded 3.6 billion hours engaged, up 10% YOY.

Thornton’s sticking point may have been the fact that Roblox’s May 2022 estimated bookings fell 9% to 11% YOY, to $196 million to $199 million.

Again, though, the dollar’s strength was problematic in May. As Roblox pointed out, the impact of the “strengthening of the US Dollar against the Euro, British Pound, and other foreign currencies … is more pronounced in May compared to prior periods in 2022.” Despite this, Roblox estimated May revenue to be between $194 million and $197 million, up 28% to 30% YOY.

What You Can Do Now

To call Roblox’s May metrics “weak” seems like a harsh assessment. Considering the circumstances, Roblox provided impressive key metrics for the month.

Besides, in Najarian’s words, RBLX stock “has been slaughtered” and is down so much that some folks are willing to give it a shot. Thus, if you’re bullish on interactive gaming and the metaverse in general, consider being a contrarian and holding a few shares of Roblox.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.