RideNow Group (NASDAQ:RDNW) Given New $8.00 Price Target at DA Davidson

RideNow Group (NASDAQ:RDNW) had its target price reduced by equities research analysts at DA Davidson from $9.00 to $8.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. DA Davidson’s price target suggests a potential upside of 25.79% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. Wall Street Zen downgraded RideNow Group from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Robert W. Baird boosted their price objective on shares of RideNow Group from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Friday, May 15th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of RideNow Group in a report on Friday, July 17th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $8.50.

RideNow Group Price Performance

NASDAQ:RDNW traded down $0.15 during mid-day trading on Wednesday, reaching $6.36. 143,020 shares of the company’s stock traded hands, compared to its average volume of 76,443. RideNow Group has a 12-month low of $2.85 and a 12-month high of $8.55. The firm has a market capitalization of $245.41 million, a price-to-earnings ratio of -5.13 and a beta of 1.18. The company has a 50 day moving average price of $6.68 and a 200-day moving average price of $6.67.

RideNow Group (NASDAQ:RDNW) last announced its earnings results on Tuesday, August 11th. The company reported $0.16 EPS for the quarter. RideNow Group had a negative return on equity of 2,628.57% and a negative net margin of 4.28%.The company had revenue of $296.80 million during the quarter.

Hedge Funds Weigh In On RideNow Group

Several hedge funds and other institutional investors have recently bought and sold shares of RDNW. Union Square Park Capital Management LLC bought a new position in RideNow Group during the fourth quarter valued at approximately $8,763,000. JB Capital Partners LP purchased a new stake in shares of RideNow Group during the 4th quarter valued at about $386,000. Hillsdale Investment Management Inc. purchased a new stake in shares of RideNow Group during the 4th quarter valued at about $330,000. City State Bank bought a new position in shares of RideNow Group in the 4th quarter worth approximately $26,000. Finally, Balyasny Asset Management L.P. bought a new position in shares of RideNow Group in the 4th quarter worth approximately $66,000. Institutional investors own 66.14% of the company’s stock.

RideNow Group Company Profile

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.