RideNow Group (NASDAQ:RDNW) Stock Price Up 3.7% - Here's Why

Key Points

• RideNow Group shares rose 3.7% in mid-day trading Thursday, reaching an intraday high of $6.49 before last trading at $6.39, though volume was well below average.
• Analyst sentiment remains cautious: Robert W. Baird raised its price target to $9.00 but kept a neutral rating, while other firms issued hold and sell views. The stock’s average Wall Street rating is “Reduce” with a $7.50 target price.
• The company recently reported a quarterly loss of $0.11 per share on revenue of $260.4 million, and RideNow Group continues to operate with negative profitability metrics despite institutional ownership of 66.14%.

RideNow Group, Inc. (NASDAQ:RDNW - Get Free Report) shares traded up 3.7% during mid-day trading on Thursday . The company traded as high as $6.49 and last traded at $6.39. 53,837 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 169,481 shares. The stock had previously closed at $6.16.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Robert W. Baird lifted their price target on RideNow Group from $7.00 to $9.00 and gave the company a "neutral" rating in a research note on Friday, May 15th. Wall Street Zen downgraded RideNow Group from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of RideNow Group in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $7.50.

RideNow Group Stock Performance

The stock has a market capitalization of $246.59 million, a price-to-earnings ratio of -5.15 and a beta of 1.17. The company has a fifty day simple moving average of $7.04 and a 200 day simple moving average of $6.60.

RideNow Group (NASDAQ:RDNW - Get Free Report) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.11) earnings per share for the quarter. RideNow Group had a negative net margin of 4.28% and a negative return on equity of 2,628.57%. The company had revenue of $260.40 million during the quarter.

Institutional Trading of RideNow Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDNW. Qube Research & Technologies Ltd bought a new position in RideNow Group during the 2nd quarter worth approximately $52,000. Jane Street Group LLC bought a new stake in shares of RideNow Group in the 2nd quarter valued at $71,000. City State Bank bought a new stake in shares of RideNow Group in the 4th quarter valued at $26,000. Geode Capital Management LLC acquired a new stake in shares of RideNow Group during the fourth quarter worth $1,477,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of RideNow Group during the fourth quarter worth $330,000. Institutional investors and hedge funds own 66.14% of the company's stock.

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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