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

Key Points

• Roadzen Inc. (NASDAQ:RDZN) experienced a significant decline in short interest, dropping 32.6% from July to August, with 356,200 shares sold short as of August 15th.
• Several institutional investors have recently made notable investments in Roadzen, with 24.73% of the stock currently owned by hedge funds and institutional investors.
• Roadzen's stock price increased by 2.9% to $0.98, following a quarterly earnings report where it reported a loss of ($0.05) EPS, falling short of analysts' estimates.

Roadzen Inc. (NASDAQ:RDZN - Get Free Report) saw a large decline in short interest in the month of August. As of August 15th, there was short interest totaling 356,200 shares, a decline of 32.6% from the July 31st total of 528,800 shares. Based on an average trading volume of 478,100 shares, the days-to-cover ratio is presently 0.7 days. Approximately 0.8% of the company's shares are sold short. Approximately 0.8% of the company's shares are sold short. Based on an average trading volume of 478,100 shares, the days-to-cover ratio is presently 0.7 days.

Hedge Funds Weigh In On Roadzen

Large investors have recently bought and sold shares of the business. Ground Swell Capital LLC purchased a new position in Roadzen during the 2nd quarter valued at $26,000. Price T Rowe Associates Inc. MD purchased a new position in Roadzen during the 4th quarter valued at $32,000. Jane Street Group LLC purchased a new position in Roadzen during the 4th quarter valued at $39,000. AQR Capital Management LLC lifted its holdings in shares of Roadzen by 51.7% in the 1st quarter. AQR Capital Management LLC now owns 40,559 shares of the company's stock worth $42,000 after buying an additional 13,830 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Roadzen by 150.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,848 shares of the company's stock worth $45,000 after buying an additional 12,530 shares during the period. Hedge funds and other institutional investors own 24.73% of the company's stock.

Roadzen Stock Up 0.9%

RDZN traded up $0.01 during trading hours on Friday, reaching $0.99. 120,469 shares of the company's stock traded hands, compared to its average volume of 334,653. The firm has a 50-day moving average price of $1.07 and a 200 day moving average price of $1.04. Roadzen has a 52-week low of $0.68 and a 52-week high of $2.99. The firm has a market capitalization of $75.18 million, a PE ratio of -0.65 and a beta of 0.36.

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