Cathie Wood's ARK Invest has sold some Roblox (RBLX.N) stock, taking advantage of the gaming company's 42 percent gain on Tuesday following solid quarterly results.

The asset management said it had sold 82,267 Roblox shares from its ARK Next Generation Internet ETF portfolio, worth roughly $9 million based on the stock's Tuesday closing price.

Since its initial public offering in March, its stock price has more than doubled to $109.52, adding $18.7 billion to its market value.

In premarket trade on Wednesday, shares of Roblox, which promotes itself as a metaverse firm, fell roughly 4%.

The business, founded in 2004, has spent a decade developing a virtual platform - or, as the latest phase in the computer industry goes, the metaverse - where its customers may connect and play games.

This could benefit Roblox at a time when other video game businesses, such as Electronic Arts Inc (EA.O), Activision Blizzard (ATVI.O), and Take-Two Interactive (TTWO.O), as well as social networking firms, are trying to create a metaverse around their products to keep customers interested.

According to Rupantar Guha, gaming analyst at analytics firm GlobalData, Roblox has attracted several well-known brands, including Gucci, Vans, and Netflix (NFLX.O), all of which aim to get a head start in the metaverse and attract next-generation customers.

"As the metaverse matures, growing brand participation will broaden Roblox's user base from children to adults, bringing more development."

On Monday after market close, Roblox, the maker of the famous games "MeepCity" and "Adopt Me!" announced a 28 percent increase in third-quarter bookings to $637.8 million. During the epidemic, millions of pre-teens resorted to video games for amusement, boosting the firm.