Roadzen Inc. (NASDAQ:RDZN) Sees Large Increase in Short Interest

Key Points

• Roadzen Inc. (NASDAQ:RDZN) experienced a significant increase in short interest, growing by 129.6% to 528,800 shares as of July 31st, indicating heightened trading activity around the stock.
• Institutional investors currently hold 24.73% of Roadzen's stock, with several hedge funds making notable changes to their positions in the fourth quarter.
• In its latest earnings report, Roadzen missed analysts' estimates, recording a loss of ($0.05) per share and revenue of $10.87 million, below expectations of $11.41 million.

Roadzen Inc. (NASDAQ:RDZN - Get Free Report) was the target of a large growth in short interest in July. As of July 31st, there was short interest totaling 528,800 shares, agrowthof129.6% from the July 15th total of 230,300 shares. Currently,1.2% of the shares of the stock are short sold. Based on an average trading volume of 479,600 shares, the short-interest ratio is currently 1.1 days. Based on an average trading volume of 479,600 shares, the short-interest ratio is currently 1.1 days. Currently,1.2% of the shares of the stock are short sold.

Institutional Trading of Roadzen

A number of hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD bought a new position in shares of Roadzen during the fourth quarter valued at $32,000. Jane Street Group LLC acquired a new stake in Roadzen in the fourth quarter worth $39,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Roadzen by 150.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,848 shares of the company's stock worth $45,000 after purchasing an additional 12,530 shares during the period. Wells Fargo & Company MN grew its holdings in shares of Roadzen by 221.8% during the fourth quarter. Wells Fargo & Company MN now owns 21,856 shares of the company's stock valued at $48,000 after buying an additional 15,064 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Roadzen during the fourth quarter valued at about $54,000. Institutional investors and hedge funds own 24.73% of the company's stock.

Roadzen Stock Performance

Shares of NASDAQ RDZN traded down $0.05 during trading hours on Friday, hitting $1.00. 449,234 shares of the stock were exchanged, compared to its average volume of 486,194. Roadzen has a 1-year low of $0.68 and a 1-year high of $2.99. The company has a market cap of $74.29 million, a PE ratio of -0.66 and a beta of 0.39. The company's fifty day simple moving average is $1.09 and its two-hundred day simple moving average is $1.08.

Roadzen (NASDAQ:RDZN - Get Free Report) last issued its earnings results on Wednesday, August 13th. The company reported ($0.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.01). The business had revenue of $10.87 million for the quarter, compared to analysts' expectations of $11.41 million.

About Roadzen

Roadzen, Inc, an insurtech company, provides various insurance products in the United States and internationally. It offers insurance as a service platform, including Via, which enables fleets, carmakers, and insurers to inspect a vehicle using computer vision; Global Distribution Network that enables the configuration, customer quote, payment, and administration of any insurance policy with any insurance carrier as the underwriter; xClaim, which enables digital, touchless, and real-time resolution of claims; StrandD, a digital, real-time dispatch, and tracking for roadside assistance and first notice of loss during accident claims; Good Driving that enables insurers and fleets to recognize drivers, train drivers, and build usage based insurance programs; and Drivebuddy AI, which provides driver-assistance capabilities.

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