RideNow Group (NASDAQ:RDNW) Shares Down 1.3% – Here’s What Happened

RideNow Group, Inc. (NASDAQ:RDNW)’s share price was down 1.3% during mid-day trading on Wednesday . The company traded as low as $6.27 and last traded at $6.27. Approximately 18,042 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 52,397 shares. The stock had previously closed at $6.35.

Analysts Set New Price Targets

A number of equities analysts recently commented on RDNW shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of RideNow Group in a research report on Thursday, January 22nd. DA Davidson set a $4.00 price objective on RideNow Group and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Finally, Wall Street Zen raised RideNow Group to a “buy” rating in a research note on Saturday, January 10th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $4.00.

RideNow Group Trading Down 1.3%

The business’s 50 day moving average price is $5.79 and its two-hundred day moving average price is $4.71. The stock has a market cap of $238.39 million, a P/E ratio of -2.24 and a beta of 1.31.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RDNW. Y Intercept Hong Kong Ltd purchased a new stake in RideNow Group in the second quarter worth $137,000. Goldman Sachs Group Inc. purchased a new position in RideNow Group during the fourth quarter valued at $406,000. Hudson Bay Capital Management LP bought a new stake in shares of RideNow Group during the 4th quarter valued at $118,000. Barclays PLC purchased a new stake in shares of RideNow Group in the 4th quarter worth about $94,000. Finally, Jane Street Group LLC purchased a new stake in shares of RideNow Group in the 2nd quarter worth about $71,000. 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.