RideNow Group (NASDAQ:RDNW) Stock Moved Down to Hold by Texas Capital

Texas Capital lowered shares of RideNow Group (NASDAQ:RDNW) from a strong-buy rating to a hold rating in a research report report published on Friday morning,Zacks reports.

RDNW has been the subject of a number of other research reports. Weiss Ratings upgraded shares of RideNow Group from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. DA Davidson decreased their target price on shares of RideNow Group from $9.00 to $8.00 and set a “neutral” rating for the company in a research note on Wednesday, August 12th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, RideNow Group presently has an average rating of “Reduce” and a consensus target price of $8.50.

RideNow Group Price Performance

Shares of RDNW opened at $5.10 on Friday. The business’s 50-day moving average is $5.49 and its 200-day moving average is $6.32. The company has a market capitalization of $198.96 million, a price-to-earnings ratio of -22.17 and a beta of 1.29. RideNow Group has a fifty-two week low of $3.20 and a fifty-two week high of $8.55.

RideNow Group (NASDAQ:RDNW) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.16 EPS for the quarter. The company had revenue of $296.80 million for the quarter.

Hedge Funds Weigh In On RideNow Group

A number of hedge funds have recently added to or reduced their stakes in the company. Engineers Gate Manager LP acquired a new stake in RideNow Group in the second quarter valued at approximately $82,000. Bank of New York Mellon Corp bought a new stake in RideNow Group in the second quarter worth approximately $296,000. Bank of America Corp DE grew its position in RideNow Group by 238.5% in the first quarter. Bank of America Corp DE now owns 32,456 shares of the company’s stock worth $229,000 after acquiring an additional 22,868 shares in the last quarter. Finally, Hillsdale Investment Management Inc. grew its position in RideNow Group by 8.4% in the first quarter. Hillsdale Investment Management Inc. now owns 64,703 shares of the company’s stock worth $457,000 after acquiring an additional 5,000 shares in the last quarter. Institutional investors and hedge funds own 66.14% of the company’s stock.

RideNow Group Company Profile

RumbleOn, Inc primarily operates as a powersports retailer in the United States. It operates in two segments, Powersports and Vehicle Transportation Services. The Powersports segment provides new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products. It also offers parts, apparel, accessories, finance and insurance products and services, and aftermarket products, as well as repair and maintenance services.