Roadzen (NASDAQ:RDZN) Posts Quarterly Earnings Results

Roadzen (NASDAQ:RDZN) issued its quarterly earnings data on Friday. The company reported ($0.03) earnings per share for the quarter, Zacks reports.

Roadzen Stock Up 2.2%

NASDAQ:RDZN traded up $0.03 during trading hours on Friday, hitting $1.38. 257,726 shares of the stock traded hands, compared to its average volume of 582,451. The company has a market cap of $104.91 million, a price-to-earnings ratio of -3.37 and a beta of 0.46. Roadzen has a 1 year low of $0.68 and a 1 year high of $2.99. The stock has a 50 day moving average price of $1.21 and a 200 day moving average price of $1.09.

Institutional Trading of Roadzen

Several institutional investors and hedge funds have recently modified their holdings of the company. Qube Research & Technologies Ltd purchased a new position in Roadzen during the second quarter valued at $78,000. Marshall Wace LLP purchased a new position in shares of Roadzen during the second quarter valued at about $144,000. Goldman Sachs Group Inc. grew its position in shares of Roadzen by 26.6% during the first quarter. Goldman Sachs Group Inc. now owns 144,213 shares of the company’s stock valued at $150,000 after purchasing an additional 30,305 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Roadzen by 51.7% in the first quarter. AQR Capital Management LLC now owns 40,559 shares of the company’s stock worth $42,000 after purchasing an additional 13,830 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Roadzen by 263.3% in the fourth quarter. Bank of America Corp DE now owns 30,238 shares of the company’s stock worth $66,000 after purchasing an additional 21,915 shares during the last quarter. 24.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Roadzen in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Roadzen currently has a consensus rating of “Hold” and a consensus target price of $4.00.

Roadzen Company Profile

Roadzen, Inc, an insurtech company, provides various insurance products in the United States and internationally. It offers insurance as a service platform, including Via, which enables fleets, carmakers, and insurers to inspect a vehicle using computer vision; Global Distribution Network that enables the configuration, customer quote, payment, and administration of any insurance policy with any insurance carrier as the underwriter; xClaim, which enables digital, touchless, and real-time resolution of claims; StrandD, a digital, real-time dispatch, and tracking for roadside assistance and first notice of loss during accident claims; Good Driving that enables insurers and fleets to recognize drivers, train drivers, and build usage based insurance programs; and Drivebuddy AI, which provides driver-assistance capabilities.