Vroom (NASDAQ:VRM) Stock Falls 5.4% – Here’s What Happened

Vroom, Inc. (NASDAQ:VRM) shares dropped 5.4% during trading on Monday. The company traded as low as $8.11 and last traded at $8.45. 25,045 shares were traded during mid-day trading, an increase of 266% from the average daily volume of 6,848 shares. The stock had previously closed at $8.93.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Vroom in a report on Wednesday, August 26th. One analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the stock has an average rating of “Sell”.

Vroom Stock Performance

The company has a market capitalization of $44.19 million, a P/E ratio of -0.76 and a beta of 1.27. The company’s fifty day simple moving average is $9.65 and its 200-day simple moving average is $10.39.

Institutional Trading of Vroom

A hedge fund recently raised its position in Vroom stock. Silverback Asset Management LLC increased its stake in shares of Vroom, Inc. (NASDAQ:VRM) by 2.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 437,936 shares of the company’s stock after acquiring an additional 12,448 shares during the period. Silverback Asset Management LLC owned about 8.41% of Vroom worth $5,829,000 as of its most recent filing with the Securities & Exchange Commission. 25.79% of the stock is owned by hedge funds and other institutional investors.

About Vroom

Vroom, Inc was an online automotive retailer that operated a digital platform for buying and selling used vehicles. The company enabled customers to browse inventory, obtain financing, complete purchases and arrange vehicle delivery online, offering an alternative to traditional dealership-based transactions.

Founded in 2013 and headquartered in New York, Vroom expanded its operations across the United States. Its business also included automotive finance through United Auto Credit Corporation and automotive data and analytics services through CarStory, which provided technology and insights to dealers and other industry participants.

In January 2024, Vroom announced that it was suspending its ecommerce operations and discontinuing its used-vehicle dealership activities.