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

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

Several other brokerages have also issued reports on RDNW. Weiss Ratings reiterated a “sell (d-)” rating on shares of RideNow Group in a research note on Thursday, January 22nd. Robert W. Baird boosted their price objective on shares of RideNow Group from $5.00 to $7.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 10th. Finally, DA Davidson restated a “neutral” rating and issued a $6.00 price objective on shares of RideNow Group in a report on Tuesday, March 10th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $6.50.

RideNow Group Price Performance

Shares of RDNW stock opened at $6.78 on Friday. The stock has a market cap of $260.42 million, a price-to-earnings ratio of -4.88 and a beta of 1.12. The business’s fifty day moving average is $6.17 and its 200 day moving average is $5.34. RideNow Group has a twelve month low of $1.46 and a twelve month high of $7.19.

RideNow Group (NASDAQ:RDNW) last posted its quarterly earnings data on Monday, March 9th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The firm had revenue of $256.90 million during the quarter, compared to the consensus estimate of $267.08 million. RideNow Group had a negative return on equity of 2,628.57% and a negative net margin of 4.84%. Equities research analysts expect that RideNow Group will post -0.89 earnings per share for the current fiscal year.

Institutional Trading of RideNow Group

Institutional investors have recently added to or reduced their stakes in the business. City State Bank bought a new stake in shares of RideNow Group in the 4th quarter worth $26,000. Dimensional Fund Advisors LP bought a new position in shares of RideNow Group during the fourth quarter valued at $64,000. Balyasny Asset Management L.P. bought a new position in shares of RideNow Group during the fourth quarter valued at $66,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of RideNow Group during the fourth quarter valued at $69,000. Finally, Barclays PLC purchased a new stake in shares of RideNow Group during the fourth quarter valued at $94,000. 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.