RideNow Group (NASDAQ:RDNW) Stock Price Up 7.7% – Here’s Why

Shares of RideNow Group, Inc. (NASDAQ:RDNW) shot up 7.7% on Tuesday . The stock traded as high as $5.81 and last traded at $5.58. 53,420 shares traded hands during trading, an increase of 112% from the average session volume of 25,242 shares. The stock had previously closed at $5.18.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on RDNW shares. DA Davidson set a $4.00 price objective on RideNow Group and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of RideNow Group in a report on Thursday, January 22nd. Finally, Wall Street Zen raised shares of RideNow Group to a “buy” rating in a report on Saturday, January 10th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $4.00.

RideNow Group Stock Performance

The stock has a market cap of $212.15 million, a price-to-earnings ratio of -1.99 and a beta of 1.31. The business’s 50 day moving average is $5.58 and its 200-day moving average is $4.29.

RideNow Group (NASDAQ:RDNW) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.01. RideNow Group had a negative net margin of 9.35% and a negative return on equity of 223.85%. The business had revenue of $281.00 million for the quarter, compared to the consensus estimate of $270.24 million. Sell-side analysts anticipate that RideNow Group, Inc. will post -0.89 EPS for the current fiscal year.

Institutional Trading of RideNow Group

Large investors have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd acquired a new stake in RideNow Group during the second quarter worth about $137,000. Jane Street Group LLC purchased a new stake in shares of RideNow Group in the 2nd quarter valued at approximately $71,000. Qube Research & Technologies Ltd acquired a new stake in shares of RideNow Group during the 2nd quarter worth approximately $52,000. Finally, City State Bank purchased a new stake in shares of RideNow Group during the 4th quarter valued at approximately $26,000. 66.14% of the stock is currently owned by hedge funds and other institutional investors.

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.