RideNow Group (NASDAQ:RDNW) Share Price Breaks Above 50 Day Moving Average – What’s Next?

RideNow Group, Inc. (NASDAQ:RDNW) crossed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $5.43 and traded as high as $5.58. RideNow Group shares last traded at $5.44, with a volume of 53,096 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on RDNW shares. Weiss Ratings raised RideNow Group from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, October 27th. DA Davidson lowered their target price on RideNow Group from $9.00 to $8.00 and set a “neutral” rating for the company in a research report on Wednesday, August 12th. Finally, Texas Capital lowered shares of RideNow Group from a “strong-buy” rating to a “hold” rating in a report on Friday, October 30th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, RideNow Group presently has an average rating of “Reduce” and an average price target of $8.50.

RideNow Group Price Performance

The company has a market cap of $212.21 million, a PE ratio of -23.65 and a beta of 1.34. The company has a 50-day moving average of $5.43 and a 200 day moving average of $6.31.

RideNow Group (NASDAQ:RDNW) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.16 earnings per share (EPS) for the quarter. The company had revenue of $296.80 million for the quarter.

Institutional Trading of RideNow Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. boosted its holdings in RideNow Group by 6,144.1% in the third quarter. Russell Investments Group Ltd. now owns 108,085 shares of the company’s stock worth $594,000 after acquiring an additional 106,354 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in shares of RideNow Group during the second quarter worth about $82,000. Bank of New York Mellon Corp acquired a new position in shares of RideNow Group during the second quarter valued at about $296,000. Bank of America Corp DE increased its holdings in shares of RideNow Group by 238.5% during the first quarter. Bank of America Corp DE now owns 32,456 shares of the company’s stock valued at $229,000 after acquiring an additional 22,868 shares in the last quarter. Finally, Hillsdale Investment Management Inc. increased 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 acquiring an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 66.14% of the company’s stock.

About RideNow Group

RumbleOn, Inc primarily operates as a powersports retailer in the United States. It operates in two segments, Powersports and Vehicle Transportation Services. The Powersports segment provides new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products. It also offers parts, apparel, accessories, finance and insurance products and services, and aftermarket products, as well as repair and maintenance services.