DA Davidson Cuts RideNow Group (NASDAQ:RDNW) Price Target to $8.00

RideNow Group (NASDAQ:RDNW) had its price objective lowered by DA Davidson from $9.00 to $8.00 in a research report sent to investors on Wednesday,Benzinga reports. DA Davidson currently has a neutral rating on the stock.

A number of other brokerages have also commented on RDNW. Weiss Ratings restated a “sell (d-)” rating on shares of RideNow Group in a research note on Friday, July 17th. Robert W. Baird lifted their price target on shares of RideNow Group from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Friday, May 15th. Finally, Wall Street Zen lowered shares of RideNow Group from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $8.50.

RideNow Group Stock Up 2.9%

RDNW stock opened at $6.35 on Wednesday. RideNow Group has a twelve month low of $2.95 and a twelve month high of $8.55. The company has a market cap of $245.05 million, a PE ratio of -27.61 and a beta of 1.18. The business’s 50-day simple moving average is $6.61 and its 200 day simple moving average is $6.67.

RideNow Group (NASDAQ:RDNW) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.16 EPS for the quarter. RideNow Group had a negative return on equity of 2,628.57% and a negative net margin of 0.76%.The firm had revenue of $296.80 million during the quarter.

Hedge Funds Weigh In On RideNow Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. City State Bank acquired a new stake in RideNow Group in the 4th quarter valued at $26,000. Dimensional Fund Advisors LP acquired a new position in RideNow Group during the fourth quarter worth $64,000. Balyasny Asset Management L.P. acquired a new position in RideNow Group during the fourth quarter worth $66,000. OMERS ADMINISTRATION Corp bought a new position in shares of RideNow Group during the fourth quarter valued at $69,000. Finally, Barclays PLC bought a new position in shares of RideNow Group during the fourth quarter valued at $94,000. Institutional investors 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.