Roadzen (NASDAQ:RDZN) Stock Falls 10.4% - Here's Why

Key Points

• Roadzen shares fell 10.4% to about $1.255, with trading volume roughly 43% below the average session volume.
• Analyst sentiment remains cautious: Wall Street Zen and Zacks Research upgraded the stock to “Hold,” while Weiss Ratings maintained a “Sell” rating; the consensus rating is “Reduce.”
• Roadzen slightly beat quarterly expectations, reporting a loss of $0.03 per share versus the $0.04 forecast and revenue of $16.19 million, while institutional investors own 24.73% of the company.

Roadzen Inc. (NASDAQ:RDZN - Get Free Report)'s share price fell 10.4% during trading on Monday. The company traded as low as $1.25 and last traded at $1.2550. Approximately 213,806 shares traded hands during trading, a decline of 43% from the average session volume of 372,032 shares. The stock had previously closed at $1.40.

Analysts Set New Price Targets

RDZN has been the topic of several analyst reports. Wall Street Zen raised shares of Roadzen from a "sell" rating to a "hold" rating in a report on Saturday, July 4th. Zacks Research raised shares of Roadzen to a "hold" rating in a report on Thursday, July 2nd. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Roadzen in a report on Friday, July 17th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce".

Roadzen Price Performance

The company has a 50-day simple moving average of $1.30 and a 200-day simple moving average of $1.40. The stock has a market cap of $106.89 million, a PE ratio of -3.49 and a beta of 1.24.

Roadzen (NASDAQ:RDZN - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. The company had revenue of $16.19 million for the quarter, compared to analysts' expectations of $16.05 million. On average, equities analysts expect that Roadzen Inc. will post -0.16 EPS for the current fiscal year.

Institutional Trading of Roadzen

Institutional investors have recently added to or reduced their stakes in the stock. Arete Wealth Advisors LLC purchased a new position in Roadzen during the 1st quarter valued at about $302,000. State Street Corp acquired a new position in Roadzen during the second quarter worth about $328,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Roadzen in the second quarter valued at about $50,000. Hedge funds and other institutional investors own 24.73% of the company's stock.

Roadzen Company Profile

Roadzen Inc is an insurance technology company that develops artificial intelligence and data-driven tools for the automotive and mobility industries. Its platform is designed to help insurers, brokers, automakers and commercial fleet operators improve the way motor insurance is distributed, underwritten and managed.

The company's products and services include digital insurance distribution, telematics, computer-vision-based vehicle inspection, risk assessment, claims automation and fleet-management tools.

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