RideNow Group (NASDAQ:RDNW) Trading 3.1% Higher – Here’s Why

RideNow Group, Inc. (NASDAQ:RDNW)’s share price was up 3.1% during mid-day trading on Wednesday . The company traded as high as $5.83 and last traded at $5.73. 66,012 shares traded hands during trading, a decline of 17% from the average session volume of 79,376 shares. The stock had previously closed at $5.56.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. DA Davidson decreased their price target 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. Weiss Ratings restated a “sell (d-)” rating on shares of RideNow Group in a report on Friday, July 17th. Robert W. Baird upped their price objective on shares of RideNow Group from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Friday, May 15th. Finally, Wall Street Zen lowered shares of RideNow Group from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $8.50.

RideNow Group Stock Performance

The firm’s 50 day simple moving average is $6.24 and its 200-day simple moving average is $6.72. The company has a market capitalization of $223.53 million, a price-to-earnings ratio of -24.91 and a beta of 1.19.

RideNow Group (NASDAQ:RDNW) last issued its earnings results on Tuesday, August 11th. The company reported $0.16 EPS for the quarter. RideNow Group had a negative return on equity of 2,628.57% and a negative net margin of 0.76%.The business had revenue of $296.80 million during the quarter.

Institutional Investors Weigh In On RideNow Group

A number of institutional investors have recently bought and sold shares of the business. Union Square Park Capital Management LLC acquired a new stake in shares of RideNow Group during the 4th quarter valued at $8,763,000. Geode Capital Management LLC acquired a new position in shares of RideNow Group in the fourth quarter worth $1,477,000. Deutsche Bank AG purchased a new stake in shares of RideNow Group during the fourth quarter worth $1,004,000. Millennium Management LLC acquired a new stake in RideNow Group during the fourth quarter valued at $927,000. Finally, First Financial Bankshares Inc acquired a new stake in RideNow Group during the fourth quarter valued at $554,000. 66.14% of the stock is currently owned by institutional investors and hedge funds.

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.