RideNow Group (NASDAQ:RDNW) Stock Rating Cut to Strong Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded RideNow Group from “hold” to “strong sell.” Other analysts’ ratings yield a consensus “Reduce” and an average price target of $6.75.
• Shares opened at $4.45, close to the stock’s 12-month low of $4.43; its 12-month high is $8.55.
• RideNow reported a quarterly loss of $0.36 per share on revenue of $244.3 million.

RideNow Group (NASDAQ:RDNW - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "strong sell" rating in a research note issued on Saturday, Wall Street Zen reports.

A number of other equities analysts also recently issued reports on the company. Weiss Ratings upgraded RideNow Group from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, October 27th. Robert W. Baird reduced their target price on RideNow Group from $9.00 to $5.50 and set a "neutral" rating on the stock in a report on Wednesday. Texas Capital downgraded shares of RideNow Group from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 30th. Finally, 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 report on Wednesday, August 12th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $6.75.

RideNow Group Stock Down 5.3%

Shares of RideNow Group stock opened at $4.45 on Friday. The stock has a market cap of $173.59 million, a price-to-earnings ratio of -9.27 and a beta of 1.34. RideNow Group has a twelve month low of $4.43 and a twelve month high of $8.55. The company's fifty day moving average is $5.36 and its 200 day moving average is $6.30.

RideNow Group (NASDAQ:RDNW - Get Free Report) last announced its earnings results on Tuesday, November 10th. The company reported ($0.36) earnings per share (EPS) for the quarter. The company had revenue of $244.30 million during the quarter.

Institutional Trading of RideNow Group

Large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. lifted its stake in shares of RideNow Group by 6,144.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 108,085 shares of the company's stock valued at $594,000 after purchasing an additional 106,354 shares during the period. Engineers Gate Manager LP bought a new stake in shares of RideNow Group during the 2nd quarter valued at about $82,000. Bank of New York Mellon Corp acquired a new stake in RideNow Group during the second quarter worth approximately $296,000. Finally, Bank of America Corp DE grew its stake in RideNow Group by 238.5% during the first quarter. Bank of America Corp DE now owns 32,456 shares of the company's stock worth $229,000 after purchasing an additional 22,868 shares during the period. 66.14% of the stock is currently owned by institutional investors and hedge funds.

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.

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