Insider Buying: Roadzen (NASDAQ:RDZN) Insider Buys 12,000 Shares of Stock

Roadzen Inc. (NASDAQ:RDZN) insider Rohan Malhotra bought 12,000 shares of Roadzen stock in a transaction that occurred on Friday, November 21st. The stock was bought at an average price of $1.43 per share, for a total transaction of $17,160.00. Following the completion of the acquisition, the insider directly owned 819,837 shares of the company’s stock, valued at $1,172,366.91. The trade was a 1.49% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website.

Roadzen Stock Performance

Shares of NASDAQ RDZN traded up $0.03 during midday trading on Tuesday, reaching $1.56. The stock had a trading volume of 23,292 shares, compared to its average volume of 372,561. The company’s 50 day moving average price is $1.26 and its 200 day moving average price is $1.12. Roadzen Inc. has a twelve month low of $0.68 and a twelve month high of $2.99. The firm has a market cap of $123.14 million, a price-to-earnings ratio of -12.96 and a beta of 0.45.

Roadzen (NASDAQ:RDZN) last released its earnings results on Friday, November 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $13.68 million during the quarter, compared to analyst estimates of $12.00 million.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Roadzen in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Roadzen

A number of hedge funds have recently bought and sold shares of the company. Prospera Financial Services Inc purchased a new stake in shares of Roadzen in the second quarter valued at about $171,000. Y Intercept Hong Kong Ltd bought a new position in shares of Roadzen during the 2nd quarter worth approximately $159,000. Marshall Wace LLP bought a new position in shares of Roadzen in the second quarter valued at approximately $144,000. Qube Research & Technologies Ltd purchased a new stake in shares of Roadzen during the second quarter valued at approximately $78,000. Finally, Nuveen LLC purchased a new position in Roadzen in the first quarter worth $51,000. 24.73% of the stock is owned by hedge funds and other institutional investors.

Roadzen Company Profile

Roadzen, Inc, an insurtech company, provides various insurance products in the United States and internationally. It offers insurance as a service platform, including Via, which enables fleets, carmakers, and insurers to inspect a vehicle using computer vision; Global Distribution Network that enables the configuration, customer quote, payment, and administration of any insurance policy with any insurance carrier as the underwriter; xClaim, which enables digital, touchless, and real-time resolution of claims; StrandD, a digital, real-time dispatch, and tracking for roadside assistance and first notice of loss during accident claims; Good Driving that enables insurers and fleets to recognize drivers, train drivers, and build usage based insurance programs; and Drivebuddy AI, which provides driver-assistance capabilities.