RideNow Group (NASDAQ:RDNW) Shares Up 3.1% – Time to Buy?

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

Analyst Ratings Changes

A number of brokerages recently weighed in on RDNW. Weiss Ratings reiterated a “sell (d-)” rating on shares of RideNow Group in a report on Friday, July 17th. DA Davidson reduced their price objective on RideNow Group from $9.00 to $8.00 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. Robert W. Baird upped their target price on RideNow Group from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Friday, May 15th. Finally, Wall Street Zen downgraded RideNow Group from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Two 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.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $8.50.

RideNow Group Stock Performance

The firm has a market capitalization of $228.21 million, a price-to-earnings ratio of -25.43 and a beta of 1.19. The firm’s 50 day simple moving average is $6.23 and its 200 day simple moving average is $6.72.

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

Hedge Funds Weigh In On RideNow Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Union Square Park Capital Management LLC acquired a new position in RideNow Group during the fourth quarter worth $8,763,000. Geode Capital Management LLC purchased a new stake in RideNow Group in the 4th quarter valued at $1,477,000. Deutsche Bank AG acquired a new stake in shares of RideNow Group in the 4th quarter worth $1,004,000. Millennium Management LLC acquired a new stake in shares of RideNow Group in the 4th quarter worth $927,000. Finally, First Financial Bankshares Inc purchased a new position in shares of RideNow Group during the 4th quarter worth $554,000. Hedge funds and other institutional investors own 66.14% of the company’s stock.

RideNow Group Company Profile

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.