RideNow Group (NASDAQ:RDNW) Stock Price Crosses Above Fifty Day Moving Average – Here’s Why

RideNow Group, Inc. (NASDAQ:RDNW)’s share price crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $5.43 and traded as high as $5.58. RideNow Group shares last traded at $5.44, with a volume of 53,096 shares changing hands.

Analysts Set New Price Targets

RDNW has been the topic of a number of recent research reports. Texas Capital lowered RideNow Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 30th. DA Davidson lowered their target price on RideNow Group from $9.00 to $8.00 and set a “neutral” rating for the company in a research report on Wednesday, August 12th. Finally, Weiss Ratings raised shares of RideNow Group from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 27th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $8.50.

RideNow Group Trading Up 1.3%

The company has a 50-day simple moving average of $5.43 and a 200 day simple moving average of $6.31. The company has a market cap of $212.21 million, a P/E ratio of -23.65 and a beta of 1.34.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Russell Investments Group Ltd. raised its position in shares of RideNow Group by 6,144.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 108,085 shares of the company’s stock valued at $594,000 after purchasing an additional 106,354 shares in the last quarter. Hillsdale Investment Management Inc. grew its holdings 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 worth $457,000 after purchasing an additional 5,000 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in RideNow Group during the second quarter worth about $296,000. Bank of America Corp DE increased its position in RideNow Group by 238.5% in the first quarter. Bank of America Corp DE now owns 32,456 shares of the company’s stock worth $229,000 after purchasing an additional 22,868 shares during the period. Finally, Engineers Gate Manager LP bought a new stake in shares of RideNow Group in the 2nd quarter valued at $82,000. 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.