RideNow Group (NASDAQ:RDNW) Trading Up 1% – What’s Next?

RideNow Group, Inc. (NASDAQ:RDNW) shares were up 1% on Friday . The company traded as high as $7.96 and last traded at $7.85. Approximately 33,301 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 96,948 shares. The stock had previously closed at $7.77.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on RDNW shares. Wall Street Zen cut shares of RideNow Group from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings restated a “sell (d-)” rating on shares of RideNow Group in a report on Tuesday, April 21st. Robert W. Baird upped their price objective on shares of RideNow Group from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Friday, May 15th. Finally, DA Davidson restated a “neutral” rating and issued a $6.00 price objective on shares of RideNow Group in a report on Tuesday, March 10th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $7.50.

RideNow Group Stock Up 1.0%

The stock’s fifty day moving average price is $7.34 and its 200 day moving average price is $6.39. The stock has a market cap of $302.93 million, a PE ratio of -6.33 and a beta of 1.15.

RideNow Group (NASDAQ:RDNW) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.11) EPS for the quarter. RideNow Group had a negative net margin of 4.28% and a negative return on equity of 2,628.57%. The firm had revenue of $260.40 million for the quarter.

Institutional Investors Weigh In On RideNow Group

A number of institutional investors have recently made changes to their positions in the company. City State Bank purchased a new stake in shares of RideNow Group during the fourth quarter valued at approximately $26,000. Hillsdale Investment Management Inc. grew its holdings in shares of RideNow Group by 8.4% during the first quarter. Hillsdale Investment Management Inc. now owns 64,703 shares of the company’s stock valued at $457,000 after buying an additional 5,000 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of RideNow Group during the fourth quarter valued at approximately $64,000. Balyasny Asset Management L.P. purchased a new stake in shares of RideNow Group during the fourth quarter valued at approximately $66,000. Finally, OMERS ADMINISTRATION Corp purchased a new stake in shares of RideNow Group during the fourth quarter valued at approximately $69,000. Hedge funds and other institutional investors own 66.14% of the company’s stock.

About RideNow Group

RideNow Group, Inc (NASDAQ: RDNW) is a leading U.S. retailer of powersports vehicles, offering both new and pre-owned inventory to enthusiasts and recreational riders. The company’s dealerships carry a diverse lineup of motorcycles, all-terrain vehicles (ATVs), side-by-sides, personal watercraft and snowmobiles from major manufacturers. In addition to vehicle sales, RideNow Group provides comprehensive service and maintenance, aftermarket parts and accessories and a range of financing and protection plans tailored to powersports customers.

Founded in 2004 and headquartered in Houston, Texas, RideNow Group has grown through a combination of organic expansion and strategic acquisitions.