RideNow Group (NASDAQ:RDNW) Stock Price Down 3.5% - Here's What Happened

Key Points

• Shares fell 3.5% intraday to about $6.99 (low $6.97) with 41,233 shares traded, roughly 30% below its average session volume.
• Analyst sentiment is mixed — MarketBeat shows an average rating of "Reduce" with an average price target of $6.50 (two Holds and one Sell), despite some firms issuing neutral or buy views.
• Recent quarter missed expectations: EPS was ($0.17) vs. ($0.16) expected and revenue was $256.9M vs. $267.1M expected, leaving the company with a negative net margin (~4.84%) and negative return on equity.

Shares of RideNow Group, Inc. (NASDAQ:RDNW - Get Free Report) fell 3.5% on Monday . The company traded as low as $6.97 and last traded at $6.99. 41,233 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 58,565 shares. The stock had previously closed at $7.24.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RDNW. DA Davidson reissued a "neutral" rating and issued a $6.00 price objective on shares of RideNow Group in a research note on Tuesday, March 10th. Wall Street Zen raised RideNow Group from a "hold" rating to a "buy" rating in a research note on Sunday, April 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of RideNow Group in a research note on Tuesday, April 21st. Finally, Robert W. Baird raised their price objective on RideNow Group from $5.00 to $7.00 and gave the company a "neutral" rating in a research note on Tuesday, March 10th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average price target of $6.50.

RideNow Group Stock Performance

The stock has a 50 day moving average of $6.55 and a two-hundred day moving average of $5.68. The firm has a market capitalization of $268.49 million, a P/E ratio of -5.03 and a beta of 1.13.

RideNow Group (NASDAQ:RDNW - Get Free Report) last issued its quarterly earnings data on Monday, March 9th. The company reported ($0.17) earnings per share for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.01). The company had revenue of $256.90 million during the quarter, compared to the consensus estimate of $267.08 million. RideNow Group had a negative net margin of 4.84% and a negative return on equity of 2,628.57%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC bought a new position in RideNow Group in the 4th quarter worth approximately $927,000. Balyasny Asset Management L.P. bought a new position in RideNow Group in the 4th quarter worth approximately $66,000. 683 Capital Management LLC bought a new position in RideNow Group in the 4th quarter worth approximately $526,000. Union Square Park Capital Management LLC bought a new position in RideNow Group in the 4th quarter worth approximately $8,763,000. Finally, OMERS ADMINISTRATION Corp bought a new position in RideNow Group in the 4th quarter worth approximately $69,000. 66.14% of the stock is owned by institutional investors.

RideNow Group Company Profile

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.

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