RideNow Group (NASDAQ:RDNW) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen lowered shares of RideNow Group (NASDAQ:RDNW) from a buy rating to a hold rating in a research report released on Saturday.

A number of other research analysts have also commented on RDNW. Robert W. Baird lifted their price objective on shares of RideNow Group from $5.00 to $7.00 and gave the company a “neutral” rating in a research note on Tuesday, March 10th. DA Davidson reiterated a “neutral” rating and set a $6.00 target price on shares of RideNow Group in a research note on Tuesday, March 10th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of RideNow Group in a report on Thursday, January 22nd. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, RideNow Group currently has an average rating of “Reduce” and an average price target of $6.50.

RideNow Group Stock Performance

Shares of RDNW opened at $6.78 on Friday. The firm has a market cap of $260.42 million, a PE ratio of -4.88 and a beta of 1.12. The company’s 50 day simple moving average is $6.17 and its 200-day simple moving average is $5.33. RideNow Group has a 12-month low of $1.46 and a 12-month high of $7.19.

RideNow Group (NASDAQ:RDNW) last announced its earnings results on Monday, March 9th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The business had revenue of $256.90 million during the quarter, compared to analyst estimates of $267.08 million. RideNow Group had a negative net margin of 4.84% and a negative return on equity of 2,628.57%. As a group, equities research analysts forecast that RideNow Group will post -0.89 EPS for the current fiscal year.

Hedge Funds Weigh In On RideNow Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. City State Bank purchased a new position in RideNow Group during the 4th quarter worth $26,000. Dimensional Fund Advisors LP acquired a new stake in shares of RideNow Group in the 4th quarter worth $64,000. Balyasny Asset Management L.P. purchased a new stake in shares of RideNow Group in the fourth quarter valued at about $66,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of RideNow Group in the fourth quarter valued at about $69,000. Finally, Barclays PLC acquired a new position in shares of RideNow Group during the fourth quarter worth about $94,000. 66.14% of the stock is currently owned by hedge funds and other institutional investors.

About RideNow Group

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.