Y Intercept Hong Kong Ltd Makes New $137,000 Investment in RideNow Group, Inc. $RDNW

Y Intercept Hong Kong Ltd bought a new stake in shares of RideNow Group, Inc. (NASDAQ:RDNW) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 59,394 shares of the company’s stock, valued at approximately $137,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Nuveen LLC bought a new position in shares of RideNow Group in the 1st quarter worth about $98,000. Magnus Financial Group LLC raised its stake in RideNow Group by 50.0% during the second quarter. Magnus Financial Group LLC now owns 60,000 shares of the company’s stock worth $139,000 after acquiring an additional 20,000 shares during the period. Finally, First Financial Bankshares Inc acquired a new stake in RideNow Group during the first quarter worth about $283,000. 66.14% of the stock is owned by institutional investors and hedge funds.

RideNow Group Trading Up 7.3%

RideNow Group stock opened at $4.40 on Monday. RideNow Group, Inc. has a 52-week low of $1.46 and a 52-week high of $7.06. The company has a quick ratio of 0.29, a current ratio of 1.12 and a debt-to-equity ratio of 8.00. The firm has a market capitalization of $167.42 million, a price-to-earnings ratio of -1.57 and a beta of 1.10. The firm has a 50-day moving average price of $3.74 and a two-hundred day moving average price of $2.86.

RideNow Group (NASDAQ:RDNW) last announced its quarterly earnings results on Monday, August 11th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.05. The company had revenue of $299.90 million for the quarter, compared to analyst estimates of $259.08 million. RideNow Group had a negative net margin of 9.35% and a negative return on equity of 223.85%. Sell-side analysts expect that RideNow Group, Inc. will post -0.89 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RDNW shares. DA Davidson set a $4.00 target price on RideNow Group and gave the company a “neutral” rating in a research note on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of RideNow Group in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $4.75.

About RideNow Group

RumbleOn, Inc primarily operates as a powersports retailer in the United States. It operates in two segments, Powersports and Vehicle Transportation Services. The Powersports segment provides new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products.