RideNow Group (NASDAQ:RDNW – Get Free Report) released its quarterly earnings results on Thursday. The company reported ($0.11) earnings per share (EPS) for the quarter, Zacks reports. 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 $260.40 million during the quarter.
Here are the key takeaways from RideNow Group’s conference call:
- RideNow reported Q1 revenue of $260.4 million, up 6.4% year over year, while adjusted EBITDA rose 32.9% to $9.3 million, marking the fourth straight quarter of year-over-year EBITDA improvement.
- Same-store performance remained strong, with units up 16.3%, revenue up 13.1%, and same-store gross profit up 12.2%, each extending a multi-quarter growth trend.
- Management said the SEC concluded its investigation and recommended no enforcement action against the company, removing a major overhang.
- The company said it is making progress on refinancing and expects to provide more details in the coming weeks, with management aiming to improve flexibility and continue deleveraging over time.
- RideNow ended the quarter with $145.7 million of available liquidity and said cash outflow was driven by higher inventory purchases to support growth and prepare for the spring selling season.
RideNow Group Trading Down 0.3%
RDNW traded down $0.02 during midday trading on Friday, reaching $7.91. The company’s stock had a trading volume of 172,177 shares, compared to its average volume of 62,831. The firm has a market capitalization of $303.82 million, a price-to-earnings ratio of -6.38 and a beta of 1.13. RideNow Group has a 1 year low of $1.46 and a 1 year high of $8.22. The stock’s 50-day moving average is $6.76 and its 200-day moving average is $5.93.
Institutional Investors Weigh In On RideNow Group
Analyst Ratings Changes
RDNW has been the subject of a number of research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of RideNow Group in a research note on Tuesday, April 21st. DA Davidson reissued a “neutral” rating and issued a $6.00 price target on shares of RideNow Group in a research note on Tuesday, March 10th. Wall Street Zen raised shares of RideNow Group from a “hold” rating to a “buy” rating in a research note on Sunday, April 12th. Finally, Robert W. Baird increased their price target on shares of RideNow Group from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Friday. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, RideNow Group has a consensus rating of “Reduce” and an average price target of $7.50.
View Our Latest Research Report on RideNow Group
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.
Read More
- Five stocks we like better than RideNow Group
- Viking Sails to All-Time Highs—Fundamentals Signal More to Come
- Datavalut Gains Traction: 5 Reasons to Sell Now
- TMC Stock: Why This Pre-Revenue Miner Is Worth Watching
- The Power Grid Is Dying—Is It Time to Buy Its Replacement?
Receive News & Ratings for RideNow Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RideNow Group and related companies with MarketBeat.com's FREE daily email newsletter.
