RideNow Group (NASDAQ:RDNW) Given New $5.50 Price Target at Robert W. Baird

RideNow Group (NASDAQ:RDNW) had its price objective dropped by equities research analysts at Robert W. Baird from $9.00 to $5.50 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Robert W. Baird‘s price target would suggest a potential downside of 1.26% from the stock’s current price.

A number of other equities analysts also recently commented on RDNW. Weiss Ratings upgraded shares of RideNow Group from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, October 27th. DA Davidson decreased their price target 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. Finally, Texas Capital downgraded shares of RideNow Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 30th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $6.75.

RideNow Group Trading Down 0.4%

NASDAQ RDNW opened at $5.57 on Wednesday. The stock has a market cap of $217.29 million, a PE ratio of -24.22 and a beta of 1.34. RideNow Group has a 12 month low of $4.52 and a 12 month high of $8.55. The company’s 50-day moving average price is $5.43 and its 200-day moving average price is $6.31.

RideNow Group (NASDAQ:RDNW) last announced its quarterly earnings data on Tuesday, November 10th. The company reported ($0.36) earnings per share for the quarter. The company had revenue of $244.30 million for the quarter.

Institutional Trading of RideNow Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. grew its holdings in RideNow Group by 6,144.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 108,085 shares of the company’s stock worth $594,000 after acquiring an additional 106,354 shares in the last quarter. Engineers Gate Manager LP purchased a new position in RideNow Group during the 2nd quarter valued at about $82,000. Bank of New York Mellon Corp bought a new stake in shares of RideNow Group in the 2nd quarter valued at about $296,000. Bank of America Corp DE raised its holdings in shares of RideNow Group by 238.5% in the 1st quarter. Bank of America Corp DE now owns 32,456 shares of the company’s stock valued at $229,000 after purchasing an additional 22,868 shares in the last quarter. Finally, Hillsdale Investment Management Inc. raised its holdings in shares of RideNow Group by 8.4% in the 1st quarter. Hillsdale Investment Management Inc. now owns 64,703 shares of the company’s stock valued at $457,000 after purchasing an additional 5,000 shares in the last quarter. 66.14% of the stock is currently owned by institutional investors.

About RideNow Group

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.