Roadzen (NASDAQ:RDZN) Releases Quarterly 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) issued its quarterly earnings results on Wednesday, August 13th. 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 analysts' expectations of $11.41 million.

Roadzen Stock Performance

RDZN stock remained flat at $1.04 during trading on Wednesday. 165,662 shares of the company traded hands, compared to its average volume of 526,150. The stock has a 50-day simple moving average of $1.09 and a 200 day simple moving average of $1.07. The stock has a market capitalization of $77.26 million, a PE ratio of -0.69 and a beta of 0.39. Roadzen has a one year low of $0.68 and a one year high of $2.99.

Hedge Funds Weigh In On Roadzen

A number of hedge funds have recently added to or reduced their stakes in RDZN. Bank of America Corp DE raised its position in Roadzen by 263.3% in the 4th quarter. Bank of America Corp DE now owns 30,238 shares of the company's stock worth $66,000 after buying an additional 21,915 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Roadzen by 51.7% in the first quarter. AQR Capital Management LLC now owns 40,559 shares of the company's stock worth $42,000 after acquiring an additional 13,830 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Roadzen by 26.6% in the first quarter. Goldman Sachs Group Inc. now owns 144,213 shares of the company's stock worth $150,000 after acquiring an additional 30,305 shares during the period. Marshall Wace LLP purchased a new position in shares of Roadzen during the second quarter valued at approximately $144,000. Finally, Qube Research & Technologies Ltd bought a new position in Roadzen during the second quarter valued at approximately $78,000. 24.73% of the stock is currently owned by hedge funds and other institutional investors.

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.