RideNow Group (NASDAQ:RDNW) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen lowered shares of RideNow Group (NASDAQ:RDNW) from a buy rating to a hold rating in a research note issued to investors on Saturday.

A number of other equities analysts also recently commented on RDNW. Robert W. Baird raised their price objective on RideNow Group from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Friday. Weiss Ratings restated a “sell (d-)” rating on shares of RideNow Group in a report on Tuesday, April 21st. Finally, DA Davidson restated a “neutral” rating and issued a $6.00 price objective on shares of RideNow Group in a report on Tuesday, March 10th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $7.50.

RideNow Group Trading Down 0.3%

NASDAQ RDNW opened at $7.91 on Friday. The business’s 50-day moving average price is $6.76 and its 200 day moving average price is $5.93. RideNow Group has a twelve month low of $1.46 and a twelve month high of $8.22. The company has a market capitalization of $303.82 million, a PE ratio of -6.38 and a beta of 1.13.

RideNow Group (NASDAQ:RDNW) last released its earnings results on Thursday, May 14th. The company reported ($0.11) earnings per share for the quarter. RideNow Group had a negative return on equity of 2,628.57% and a negative net margin of 4.28%.The business had revenue of $260.40 million for the quarter.

Hedge Funds Weigh In On RideNow Group

A number of large investors have recently modified their holdings of the company. Hillsdale Investment Management Inc. raised its holdings in shares of RideNow Group by 8.4% in 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 during the period. Millennium Management LLC acquired a new stake in shares of RideNow Group in the fourth quarter valued at about $927,000. Balyasny Asset Management L.P. acquired a new stake in shares of RideNow Group in the fourth quarter valued at about $66,000. 683 Capital Management LLC acquired a new stake in shares of RideNow Group in the fourth quarter valued at about $526,000. Finally, Union Square Park Capital Management LLC acquired a new stake in shares of RideNow Group in the fourth quarter valued at about $8,763,000. 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.