RideNow Group (NASDAQ:RDNW) Trading Up 3.7% – Time to Buy?

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

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of RideNow Group in a report on Friday, July 17th. Robert W. Baird upped their price target on shares of RideNow Group from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Friday, May 15th. Finally, Wall Street Zen downgraded shares of RideNow Group from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Two investment 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, RideNow Group presently has a consensus rating of “Reduce” and a consensus target price of $7.50.

RideNow Group Stock Performance

The company has a market capitalization of $246.96 million, a P/E ratio of -5.16 and a beta of 1.17. The firm’s fifty day moving average is $7.01 and its 200 day moving average is $6.60.

RideNow Group (NASDAQ:RDNW) last released its 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 business had revenue of $260.40 million for the quarter.

Institutional Trading of RideNow Group

A number of large investors have recently made changes to their positions in RDNW. City State Bank purchased a new position in RideNow Group in the 4th quarter worth about $26,000. Qube Research & Technologies Ltd purchased a new stake in RideNow Group in the 2nd quarter valued at about $52,000. Dimensional Fund Advisors LP purchased a new stake in RideNow Group in the 4th quarter valued at about $64,000. Balyasny Asset Management L.P. purchased a new stake in RideNow Group in the 4th quarter valued at about $66,000. Finally, OMERS ADMINISTRATION Corp bought a new position in RideNow Group in the 4th quarter worth about $69,000. 66.14% of the stock is owned by hedge funds and other institutional investors.

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.