Roadzen (NASDAQ:RDZN) Shares Down 10.4% – Here’s What Happened

Roadzen Inc. (NASDAQ:RDZN) shares traded down 10.4% on Monday. The company traded as low as $1.25 and last traded at $1.2550. Approximately 213,806 shares were traded during trading, a decline of 43% from the average session volume of 372,032 shares. The stock had previously closed at $1.40.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on RDZN shares. Wall Street Zen raised Roadzen from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of Roadzen in a research report on Friday, July 17th. Finally, Zacks Research raised Roadzen to a “hold” rating in a report on Thursday, July 2nd. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce”.

Roadzen Price Performance

The firm has a market cap of $106.89 million, a price-to-earnings ratio of -3.49 and a beta of 1.24. The business’s 50-day moving average price is $1.30 and its two-hundred day moving average price is $1.40.

Roadzen (NASDAQ:RDZN) last announced its earnings results on Thursday, August 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $16.19 million for the quarter, compared to analyst estimates of $16.05 million. As a group, sell-side analysts forecast that Roadzen Inc. will post -0.16 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RDZN. Squarepoint Ops LLC purchased a new stake in shares of Roadzen in the second quarter valued at $50,000. Arete Wealth Advisors LLC acquired a new position in Roadzen in the first quarter valued at $302,000. Finally, State Street Corp purchased a new position in Roadzen during the second quarter worth about $328,000. Hedge funds and other institutional investors own 24.73% of the company’s stock.

About Roadzen

Roadzen Inc is an insurance technology company that develops artificial intelligence and data-driven tools for the automotive and mobility industries. Its platform is designed to help insurers, brokers, automakers and commercial fleet operators improve the way motor insurance is distributed, underwritten and managed.

The company’s products and services include digital insurance distribution, telematics, computer-vision-based vehicle inspection, risk assessment, claims automation and fleet-management tools.