RideNow Group (NASDAQ:RDNW) Stock Dropped to Hold by Texas Capital

RideNow Group (NASDAQ:RDNW) was downgraded by Texas Capital from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Zacks reports.

Other research analysts have also recently issued research reports about the company. DA Davidson reduced their price objective on RideNow Group from $9.00 to $8.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 12th. Weiss Ratings upgraded RideNow Group from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $8.50.

RideNow Group Trading Down 3.2%

Shares of RDNW stock opened at $5.10 on Friday. The company has a market cap of $198.96 million, a PE ratio of -22.17 and a beta of 1.29. The company’s fifty day simple moving average is $5.49 and its 200-day simple moving average is $6.32. RideNow Group has a 52 week low of $3.20 and a 52 week high of $8.55.

RideNow Group (NASDAQ:RDNW) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.16 earnings per share for the quarter. The business had revenue of $296.80 million for the quarter.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RDNW. Engineers Gate Manager LP purchased a new stake in RideNow Group during the 2nd quarter worth approximately $82,000. Bank of New York Mellon Corp acquired a new position in shares of RideNow Group in the 2nd quarter valued at approximately $296,000. Bank of America Corp DE raised its position in shares of RideNow Group by 238.5% in the 1st quarter. Bank of America Corp DE now owns 32,456 shares of the company’s stock valued at $229,000 after purchasing an additional 22,868 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its stake in shares of RideNow Group by 8.4% during the 1st quarter. Hillsdale Investment Management Inc. now owns 64,703 shares of the company’s stock valued at $457,000 after buying an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 66.14% of the company’s stock.

About RideNow Group

RumbleOn, Inc primarily operates as a powersports retailer in the United States. It operates in two segments, Powersports and Vehicle Transportation Services. The Powersports segment provides new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products. It also offers parts, apparel, accessories, finance and insurance products and services, and aftermarket products, as well as repair and maintenance services.