Ryde Group (NYSEAMERICAN:RYDE) Stock Price Down 4.8% – Here’s Why

Ryde Group Ltd. (NYSEAMERICAN:RYDE)’s share price fell 4.8% during trading on Thursday . The stock traded as low as $0.2535 and last traded at $0.2665. 33,655 shares were traded during mid-day trading, a decline of 85% from the average session volume of 225,952 shares. The stock had previously closed at $0.28.

Wall Street Analysts Forecast Growth

Separately, Maxim Group lowered Ryde Group from a “buy” rating to a “hold” rating in a research report on Wednesday, October 29th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Ryde Group has a consensus rating of “Hold”.

Ryde Group Stock Down 4.8%

The business has a fifty day moving average price of $0.31 and a 200 day moving average price of $0.38.

Ryde Group (NYSEAMERICAN:RYDE) last announced its earnings results on Friday, October 24th. The company reported ($0.06) earnings per share (EPS) for the quarter. The company had revenue of $2.26 million during the quarter.

Institutional Investors Weigh In On Ryde Group

A hedge fund recently raised its stake in Ryde Group stock. Citadel Advisors LLC grew its stake in Ryde Group Ltd. (NYSEAMERICAN:RYDE) by 311.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,709 shares of the company’s stock after acquiring an additional 54,272 shares during the period. Citadel Advisors LLC owned 0.21% of Ryde Group worth $27,000 at the end of the most recent quarter.

About Ryde Group

Ryde Group Ltd engages in mobility and quick commerce businesses in Singapore. The Mobility segment provides on-demand and scheduled carpooling and ride-hailing services. The Quick Commerce segment offers real-time on-demand, scheduled, and multi-stop parcel delivery services. The company was founded in 2014 and is headquartered in Singapore.