RideNow Group, Inc. (NASDAQ:RDNW) Given Average Recommendation of "Hold" by Brokerages

Key Points

• RideNow Group, Inc. has received a consensus recommendation of "Hold" from six research firms, with one analyst rating it as a sell, four as hold, and one as buy.
• The company's recent quarterly earnings report showed a net income of $0.04 per share, exceeding analysts' expectations, and a revenue of $299.90 million, surpassing estimates of $259.08 million.
• Institutional investors currently hold 66.14% of RideNow Group's stock, with Bank of America and Magnus Financial Group being notable investors who increased their stakes recently.

Shares of RideNow Group, Inc. (NASDAQ:RDNW - Get Free Report) have been assigned a consensus recommendation of "Hold" from the six research firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has given a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $4.50.

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of RideNow Group in a report on Saturday, September 27th.

Hedge Funds Weigh In On RideNow Group

Institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its position in RideNow Group by 39.3% in the 4th quarter. Bank of America Corp DE now owns 26,155 shares of the company's stock valued at $142,000 after acquiring an additional 7,383 shares during the period. Magnus Financial Group LLC increased its position in shares of RideNow Group by 50.0% during the second quarter. Magnus Financial Group LLC now owns 60,000 shares of the company's stock worth $139,000 after buying an additional 20,000 shares during the period. Qube Research & Technologies Ltd acquired a new stake in shares of RideNow Group during the second quarter worth $52,000. Jane Street Group LLC acquired a new stake in shares of RideNow Group during the second quarter worth $71,000. Finally, Nuveen LLC acquired a new stake in shares of RideNow Group during the first quarter worth $98,000. 66.14% of the stock is currently owned by institutional investors and hedge funds.

RideNow Group Stock Performance

NASDAQ RDNW traded down $0.18 during trading on Friday, reaching $4.32. The company's stock had a trading volume of 30,476 shares, compared to its average volume of 48,991. The company has a current ratio of 1.16, a quick ratio of 0.29 and a debt-to-equity ratio of 8.00. The firm has a market capitalization of $164.38 million, a price-to-earnings ratio of -1.44 and a beta of 0.94. RideNow Group has a 12 month low of $1.46 and a 12 month high of $7.06. The firm has a 50 day moving average price of $3.28 and a 200 day moving average price of $2.70.

RideNow Group (NASDAQ:RDNW - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported $0.04 earnings per share for the quarter, topping analysts' consensus estimates of ($0.01) by $0.05. RideNow Group had a negative net margin of 9.87% and a negative return on equity of 101.83%. The company had revenue of $299.90 million during the quarter, compared to the consensus estimate of $259.08 million. As a group, equities analysts anticipate that RideNow Group will post -0.89 EPS for the current fiscal year.

RideNow Group Company Profile

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.

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