RideNow Group (NASDAQ:RDNW) Price Target Lowered to $8.00 at DA Davidson

Key Points

• DA Davidson cut RideNow Group’s price target from $9.00 to $8.00 while maintaining a neutral rating, implying roughly 25.8% upside from the stock’s $6.36 price.
• Analyst sentiment remains cautious: RideNow has a consensus “Reduce” rating and an average price target of $8.50, with two Hold ratings and one Sell rating.
• Shares fell 2.3% in Wednesday trading. The company reported $0.16 in quarterly EPS on $296.8 million in revenue, while hedge funds and other institutions own 66.14% of the stock.

RideNow Group (NASDAQ:RDNW - Get Free Report) had its price objective cut by analysts at DA Davidson from $9.00 to $8.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. DA Davidson's price target would indicate a potential upside of 25.79% from the company's current price.

RDNW has been the subject of a number of other reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of RideNow Group in a report on Friday, July 17th. Wall Street Zen downgraded shares of RideNow Group from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. Finally, Robert W. Baird boosted their target price on shares of RideNow Group from $7.00 to $9.00 and gave the company a "neutral" rating in a research report on Friday, May 15th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $8.50.

RideNow Group Trading Down 2.3%

RDNW stock traded down $0.15 during midday trading on Wednesday, hitting $6.36. The stock had a trading volume of 143,020 shares, compared to its average volume of 76,443. The firm has a market cap of $245.41 million, a P/E ratio of -5.13 and a beta of 1.18. The business has a fifty day moving average price of $6.68 and a two-hundred day moving average price of $6.67. RideNow Group has a 1-year low of $2.85 and a 1-year high of $8.55.

RideNow Group (NASDAQ:RDNW - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.16 earnings per share for the quarter. The firm had revenue of $296.80 million during the quarter. RideNow Group had a negative return on equity of 2,628.57% and a negative net margin of 4.28%.

Hedge Funds Weigh In On RideNow Group

A number of hedge funds and other institutional investors have recently made changes to their positions in RDNW. Union Square Park Capital Management LLC bought a new position in RideNow Group during the fourth quarter valued at $8,763,000. JB Capital Partners LP bought a new position in shares of RideNow Group in the fourth quarter worth approximately $386,000. Hillsdale Investment Management Inc. purchased a new stake in shares of RideNow Group during the 4th quarter valued at $330,000. City State Bank bought a new position in shares of RideNow Group during the 4th quarter valued at about $26,000. Finally, Balyasny Asset Management L.P. bought a new stake in RideNow Group in the 4th quarter worth approximately $66,000. 66.14% of the stock is owned by hedge funds and other institutional investors.

About RideNow Group

RideNow Group, Inc NASDAQ: RDNW is a leading U.S. retailer of powersports vehicles, offering both new and pre-owned inventory to enthusiasts and recreational riders. The company's dealerships carry a diverse lineup of motorcycles, all-terrain vehicles (ATVs), side-by-sides, personal watercraft and snowmobiles from major manufacturers. In addition to vehicle sales, RideNow Group provides comprehensive service and maintenance, aftermarket parts and accessories and a range of financing and protection plans tailored to powersports customers.

Founded in 2004 and headquartered in Houston, Texas, RideNow Group has grown through a combination of organic expansion and strategic acquisitions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source