RideNow Group (NASDAQ:RDNW – Get Free Report) issued its quarterly earnings results on Thursday. The company reported ($0.11) EPS for the quarter, Zacks reports. The business had revenue of $260.40 million during the quarter. RideNow Group had a negative return on equity of 2,628.57% and a negative net margin of 4.84%.
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 Stock Up 0.5%
RideNow Group stock traded up $0.04 during mid-day trading on Thursday, hitting $7.93. 66,715 shares of the company were exchanged, compared to its average volume of 60,533. The company has a market capitalization of $304.61 million, a PE ratio of -5.71 and a beta of 1.13. The business has a fifty day moving average of $6.73 and a 200 day moving average of $5.91. RideNow Group has a 1-year low of $1.46 and a 1-year high of $8.22.
Institutional Investors Weigh In On RideNow Group
Analyst Ratings Changes
Several equities research analysts have recently weighed in on RDNW shares. Weiss Ratings reissued a “sell (d-)” rating on shares of RideNow Group in a research report on Tuesday, April 21st. Wall Street Zen upgraded shares of RideNow Group from a “hold” rating to a “buy” rating in a research note on Sunday, April 12th. Robert W. Baird increased their price target on shares of RideNow Group from $5.00 to $7.00 and gave the company a “neutral” rating in a report on Tuesday, March 10th. Finally, DA Davidson restated a “neutral” rating and issued a $6.00 price target on shares of RideNow Group in a research report on Tuesday, March 10th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $6.50.
Read Our Latest Analysis on RideNow Group
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.
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