RideNow Group (NASDAQ:RDNW) Stock Rating Lowered by Wall Street Zen

RideNow Group (NASDAQ:RDNW) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Other equities analysts also recently issued research reports about the stock. Robert W. Baird upped their price objective on shares of RideNow Group from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of RideNow Group in a report on Tuesday, April 21st. Finally, DA Davidson reissued a “neutral” rating and set a $6.00 price target on shares of RideNow Group in a research note on Tuesday, March 10th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, RideNow Group has an average rating of “Reduce” and an average target price of $7.50.

RideNow Group Stock Performance

RideNow Group stock opened at $7.91 on Friday. The stock has a market cap of $303.84 million, a PE ratio of -6.38 and a beta of 1.13. The stock has a 50-day moving average price of $6.76 and a 200 day moving average price of $5.94. RideNow Group has a 52 week low of $1.46 and a 52 week high of $8.22.

RideNow Group (NASDAQ:RDNW) last released its earnings results on Thursday, May 14th. The company reported ($0.11) earnings per share (EPS) for the quarter. RideNow Group had a negative net margin of 4.28% and a negative return on equity of 2,628.57%. The firm had revenue of $260.40 million during the quarter.

Hedge Funds Weigh In On RideNow Group

Large investors have recently modified their holdings of the company. Qube Research & Technologies Ltd acquired a new position in shares of RideNow Group in the 2nd quarter valued at about $52,000. Jane Street Group LLC acquired a new stake in RideNow Group during the 2nd quarter worth approximately $71,000. City State Bank purchased a new position in RideNow Group in the fourth quarter valued at approximately $26,000. Geode Capital Management LLC purchased a new position in RideNow Group in the fourth quarter valued at approximately $1,477,000. Finally, Hillsdale Investment Management Inc. acquired a new position in RideNow Group during the fourth quarter valued at approximately $330,000. 66.14% of the stock is currently owned by hedge funds and other institutional investors.

About RideNow Group

RideNow Group, Inc (NASDAQ: RDNW) is a leading U.S. retailer of powersports vehicles, offering both new and pre-owned inventory to enthusiasts and recreational riders. The company’s dealerships carry a diverse lineup of motorcycles, all-terrain vehicles (ATVs), side-by-sides, personal watercraft and snowmobiles from major manufacturers. In addition to vehicle sales, RideNow Group provides comprehensive service and maintenance, aftermarket parts and accessories and a range of financing and protection plans tailored to powersports customers.

Founded in 2004 and headquartered in Houston, Texas, RideNow Group has grown through a combination of organic expansion and strategic acquisitions.