RideNow Group (NASDAQ:RDNW) Shares Up 3.7% – What’s Next?

RideNow Group, Inc. (NASDAQ:RDNW) shares traded up 3.7% during trading on Thursday . The company traded as high as $6.49 and last traded at $6.39. 53,837 shares traded hands during trading, a decline of 68% from the average daily volume of 169,481 shares. The stock had previously closed at $6.16.

Analyst Ratings Changes

RDNW has been the subject of a number of recent analyst reports. Robert W. Baird increased their price target on RideNow Group from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Friday, May 15th. Wall Street Zen downgraded RideNow Group from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of RideNow Group in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, RideNow Group currently has an average rating of “Reduce” and an average target price of $7.50.

RideNow Group Stock Performance

The firm’s 50 day moving average price is $7.04 and its two-hundred day moving average price is $6.60. The company has a market cap of $246.59 million, a P/E ratio of -5.15 and a beta of 1.17.

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

Hedge Funds Weigh In On RideNow Group

Several institutional investors have recently made changes to their positions in the stock. City State Bank acquired a new position in RideNow Group during the fourth quarter worth $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 acquired a new position in shares of RideNow Group during the fourth quarter valued at about $64,000. Balyasny Asset Management L.P. acquired a new position in shares of RideNow Group during the fourth quarter valued at about $66,000. Finally, OMERS ADMINISTRATION Corp bought a new stake in shares of RideNow Group during the fourth quarter worth about $69,000. Institutional investors and hedge funds own 66.14% of the company’s stock.

RideNow Group Company Profile

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.