RideNow Group’s (RDNW) Neutral Rating Reiterated at DA Davidson

DA Davidson restated their neutral rating on shares of RideNow Group (NASDAQ:RDNW) in a report published on Tuesday morning, MarketBeat reports. DA Davidson currently has a $6.00 price target on the stock.

Several other equities research analysts have also recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of RideNow Group in a research report on Thursday, January 22nd. Robert W. Baird lifted their target price on RideNow Group from $5.00 to $7.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Wall Street Zen upgraded RideNow Group to a “buy” rating in a report on Saturday, January 10th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, RideNow Group presently has a consensus rating of “Reduce” and an average price target of $6.50.

RideNow Group Stock Up 3.8%

NASDAQ RDNW opened at $6.22 on Tuesday. The firm’s 50 day moving average is $6.00 and its 200-day moving average is $4.96. The company has a market capitalization of $236.48 million, a PE ratio of -4.47 and a beta of 1.26. RideNow Group has a 12-month low of $1.46 and a 12-month high of $7.17.

RideNow Group (NASDAQ:RDNW) last announced its earnings results on Monday, March 9th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.01). The business had revenue of $256.90 million for the quarter, compared to analyst estimates of $267.08 million. RideNow Group had a negative return on equity of 360.78% and a negative net margin of 4.84%. As a group, sell-side analysts expect that RideNow Group will post -0.89 EPS for the current year.

Institutional Trading of RideNow Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC bought a new position in shares of RideNow Group in the 4th quarter valued at about $927,000. Balyasny Asset Management L.P. bought a new stake in shares of RideNow Group in the 4th quarter valued at about $66,000. 683 Capital Management LLC bought a new stake in shares of RideNow Group in the 4th quarter valued at about $526,000. Union Square Park Capital Management LLC acquired a new stake in RideNow Group in the 4th quarter valued at about $8,763,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in RideNow Group in the 4th quarter valued at about $69,000. 66.14% of the stock is owned by institutional investors.

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.