RideNow Group (NASDAQ:RDNW) Issues Earnings Results

RideNow Group (NASDAQ:RDNW) issued its quarterly earnings results on Tuesday. The company reported $0.16 earnings per share (EPS) for the quarter, FiscalAI reports. The firm had revenue of $296.80 million for the quarter. RideNow Group had a negative return on equity of 2,628.57% and a negative net margin of 4.28%.

RideNow Group Stock Performance

Shares of RideNow Group stock traded up $0.08 on Tuesday, hitting $6.51. The company had a trading volume of 41,497 shares, compared to its average volume of 75,917. RideNow Group has a 1 year low of $2.28 and a 1 year high of $8.55. The stock has a 50 day moving average of $6.72 and a 200-day moving average of $6.66. The stock has a market capitalization of $251.22 million, a price-to-earnings ratio of -5.25 and a beta of 1.18.

Hedge Funds Weigh In On RideNow Group

Several large investors have recently bought and sold shares of RDNW. Union Square Park Capital Management LLC bought a new stake in shares of RideNow Group during the 4th quarter worth $8,763,000. JB Capital Partners LP purchased a new stake in RideNow Group during the fourth quarter worth about $386,000. Hillsdale Investment Management Inc. purchased a new stake in RideNow Group during the fourth quarter worth about $330,000. City State Bank bought a new stake in RideNow Group in the fourth quarter worth about $26,000. Finally, 683 Capital Management LLC purchased a new position in RideNow Group in the fourth quarter valued at about $526,000. 66.14% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on RDNW shares. Robert W. Baird increased their target price on shares of RideNow Group from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Friday, May 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of RideNow Group in a report on Friday, July 17th. Finally, Wall Street Zen cut shares of RideNow Group from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. 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 data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $7.50.

About RideNow Group

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.