RideNow Group (NASDAQ:RDNW) Price Target Raised to $9.00

RideNow Group (NASDAQ:RDNW) had its price objective lifted by analysts at Robert W. Baird from $7.00 to $9.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Robert W. Baird’s target price indicates a potential upside of 13.49% from the stock’s current price.

Several other equities research analysts have also commented on RDNW. Weiss Ratings restated a “sell (d-)” rating on shares of RideNow Group in a research report on Tuesday, April 21st. DA Davidson restated a “neutral” rating and issued a $6.00 price objective on shares of RideNow Group in a research report on Tuesday, March 10th. Finally, Wall Street Zen upgraded RideNow Group from a “hold” rating to a “buy” rating in a research report on Sunday, April 12th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $7.50.

RideNow Group Trading Up 0.5%

RideNow Group stock opened at $7.93 on Friday. RideNow Group has a 12 month low of $1.46 and a 12 month high of $8.22. The stock’s 50 day simple moving average is $6.73 and its two-hundred day simple moving average is $5.91. The firm has a market cap of $304.61 million, a PE ratio of -5.71 and a beta of 1.13.

RideNow Group (NASDAQ:RDNW) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.11) EPS for the quarter. RideNow Group had a negative return on equity of 2,628.57% and a negative net margin of 4.84%.The company had revenue of $260.40 million during the quarter.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. City State Bank acquired a new position in shares of RideNow Group during the 4th quarter worth approximately $26,000. Qube Research & Technologies Ltd acquired a new position in shares of RideNow Group during the 2nd quarter worth approximately $52,000. Dimensional Fund Advisors LP acquired a new position in shares of RideNow Group during the 4th quarter worth approximately $64,000. Balyasny Asset Management L.P. acquired a new position in shares of RideNow Group during the 4th quarter worth approximately $66,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in shares of RideNow Group during the 4th quarter worth approximately $69,000. 66.14% of the stock is owned by institutional investors and hedge funds.

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.