Roadzen (NASDAQ:RDZN) Releases Earnings Results, Misses Estimates By $0.01 EPS

Key Points

• Roadzen reported an EPS of ($0.05) for the quarter, missing analysts' consensus estimates of ($0.04) by $0.01, alongside revenue of $10.87 million which also fell short of the expected $11.41 million.
• The company's stock dropped 4.3% to $1.01 following the earnings announcement, with a market capitalization of $74.66 million.
• Institutional investors and hedge funds now control 24.73% of Roadzen’s stock, indicating growing interest as several firms have significantly increased their stakes in recent quarters.

Roadzen (NASDAQ:RDZN - Get Free Report) announced its quarterly earnings results on Wednesday. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.01), Zacks reports. The firm had revenue of $10.87 million during the quarter, compared to the consensus estimate of $11.41 million.

Roadzen Stock Down 4.3%

Roadzen stock traded down $0.05 during trading hours on Friday, reaching $1.01. 325,247 shares of the company's stock were exchanged, compared to its average volume of 349,579. The firm's 50 day simple moving average is $1.09 and its 200 day simple moving average is $1.08. Roadzen has a twelve month low of $0.68 and a twelve month high of $2.99. The firm has a market capitalization of $74.66 million, a PE ratio of -0.67 and a beta of 0.39.

Hedge Funds Weigh In On Roadzen

Hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its stake in Roadzen by 263.3% in the fourth quarter. Bank of America Corp DE now owns 30,238 shares of the company's stock valued at $66,000 after purchasing an additional 21,915 shares during the last quarter. AQR Capital Management LLC raised its holdings in Roadzen by 51.7% during the 1st quarter. AQR Capital Management LLC now owns 40,559 shares of the company's stock valued at $42,000 after acquiring an additional 13,830 shares during the period. Goldman Sachs Group Inc. raised its holdings in Roadzen by 26.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 144,213 shares of the company's stock valued at $150,000 after acquiring an additional 30,305 shares during the period. Marshall Wace LLP bought a new stake in Roadzen during the 2nd quarter valued at $144,000. Finally, Qube Research & Technologies Ltd bought a new stake in Roadzen during the 2nd quarter valued at $78,000. Institutional investors and hedge funds own 24.73% of the company's stock.

Roadzen Company Profile

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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