RideNow Group (NASDAQ:RDNW) Stock Dropped to “Strong Sell” by Wall Street Zen

Wall Street Zen cut shares of RideNow Group (NASDAQ:RDNW) from a hold rating to a strong sell rating in a report released on Saturday,Wall Street Zen reports.

RDNW has been the topic of a number of other reports. Texas Capital cut shares of RideNow Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 30th. Robert W. Baird reduced their target price on RideNow Group from $9.00 to $5.50 and set a “neutral” rating on the stock in a report on Wednesday. Weiss Ratings raised RideNow Group from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, October 27th. Finally, DA Davidson lowered their price target on RideNow Group from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, RideNow Group presently has a consensus rating of “Reduce” and a consensus target price of $6.75.

RideNow Group Stock Down 5.3%

NASDAQ RDNW traded down $0.25 on Friday, reaching $4.45. The company had a trading volume of 85,621 shares, compared to its average volume of 64,227. RideNow Group has a 52 week low of $4.43 and a 52 week high of $8.55. The stock’s 50 day moving average is $5.36 and its 200-day moving average is $6.30. The stock has a market cap of $173.59 million, a price-to-earnings ratio of -9.27 and a beta of 1.34.

RideNow Group (NASDAQ:RDNW) last posted its earnings results on Tuesday, November 10th. The company reported ($0.36) earnings per share (EPS) for the quarter. The firm had revenue of $244.30 million during the quarter.

Institutional Investors Weigh In On RideNow Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. lifted its position in RideNow Group by 6,144.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 108,085 shares of the company’s stock worth $594,000 after buying an additional 106,354 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of RideNow Group in the 2nd quarter valued at about $296,000. Bank of America Corp DE increased its position in shares of RideNow Group by 238.5% in the first quarter. Bank of America Corp DE now owns 32,456 shares of the company’s stock valued at $229,000 after acquiring an additional 22,868 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in shares of RideNow Group in the second quarter valued at about $82,000. 66.14% of the stock is currently owned by institutional investors and hedge funds.

RideNow Group Company Profile

RumbleOn, Inc. primarily operates as a powersports retailer in the United States. It operates in two segments, Powersports and Vehicle Transportation Services. The Powersports segment provides new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products. It also offers parts, apparel, accessories, finance and insurance products and services, and aftermarket products, as well as repair and maintenance services.