Roadzen (NASDAQ:RDZN) Stock Price Up 5.4% - Here's What Happened

Key Points

• Roadzen Inc. stock increased by 5.4% to $1.17 during trading, marking a high of $1.18, despite a significant drop in trading volume compared to previous sessions.
• Institutional interest is growing, with various firms such as Goldman Sachs and AQR Capital Management increasing their positions in the company during the last quarter.
• Roadzen operates as an insurtech company, offering services that include insurance products and platforms for vehicle inspections, claims resolution, and driver assistance.

Roadzen Inc. (NASDAQ:RDZN - Get Free Report) shares were up 5.4% during trading on Tuesday . The company traded as high as $1.18 and last traded at $1.17. Approximately 247,494 shares were traded during trading, a decline of 48% from the average daily volume of 476,877 shares. The stock had previously closed at $1.11.

Roadzen Price Performance

The stock has a market cap of $89.15 million, a P/E ratio of -0.79 and a beta of 0.39. The firm's fifty day moving average price is $1.08 and its two-hundred day moving average price is $1.10.

Hedge Funds Weigh In On Roadzen

Institutional investors have recently added to or reduced their stakes in the business. Cutter & CO Brokerage Inc. bought a new stake in shares of Roadzen during the 1st quarter valued at about $287,000. Geode Capital Management LLC raised its stake in Roadzen by 120.3% in the fourth quarter. Geode Capital Management LLC now owns 487,401 shares of the company's stock valued at $1,063,000 after purchasing an additional 266,191 shares in the last quarter. Prospera Financial Services Inc bought a new stake in Roadzen during the second quarter valued at approximately $171,000. Y Intercept Hong Kong Ltd bought a new stake in Roadzen during the second quarter valued at approximately $159,000. Finally, Northern Trust Corp grew its stake in Roadzen by 132.2% in the 4th quarter. Northern Trust Corp now owns 221,184 shares of the company's stock worth $482,000 after buying an additional 125,933 shares in the last quarter. 24.73% of the stock is currently owned by institutional investors.

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.