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

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

RDNW has been the subject of a number of other research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of RideNow Group in a research report on Wednesday, October 8th. DA Davidson set a $4.00 price target on shares of RideNow Group and gave the company a “neutral” rating in a research note on Wednesday, November 5th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $4.00.

RideNow Group Trading Down 1.3%

Shares of NASDAQ RDNW opened at $5.92 on Friday. The stock has a fifty day simple moving average of $5.31 and a two-hundred day simple moving average of $3.90. RideNow Group has a 1-year low of $1.46 and a 1-year high of $6.58. The firm has a market cap of $225.08 million, a price-to-earnings ratio of -2.11 and a beta of 1.26.

RideNow Group (NASDAQ:RDNW) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.01. The firm had revenue of $281.00 million for the quarter, compared to analysts’ expectations of $270.24 million. RideNow Group had a negative return on equity of 223.85% and a negative net margin of 9.35%. Analysts forecast that RideNow Group will post -0.89 EPS for the current year.

Institutional Investors Weigh In On RideNow Group

Large investors have recently added to or reduced their stakes in the business. Magnus Financial Group LLC increased its stake in RideNow Group by 50.0% in the 2nd quarter. Magnus Financial Group LLC now owns 60,000 shares of the company’s stock worth $139,000 after acquiring an additional 20,000 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of RideNow Group during the 2nd quarter valued at about $137,000. Qube Research & Technologies Ltd bought a new stake in shares of RideNow Group during the 2nd quarter valued at about $52,000. Finally, Jane Street Group LLC bought a new position in shares of RideNow Group in the second quarter worth approximately $71,000. Institutional investors own 66.14% of the company’s stock.

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.