Union Square Park Capital Management LLC Purchases New Shares in RideNow Group, Inc. $RDNW

Union Square Park Capital Management LLC purchased a new position in RideNow Group, Inc. (NASDAQ:RDNW) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 1,587,491 shares of the company’s stock, valued at approximately $8,763,000. RideNow Group accounts for 4.2% of Union Square Park Capital Management LLC’s investment portfolio, making the stock its 4th largest holding.

A number of other institutional investors have also added to or reduced their stakes in RDNW. Qube Research & Technologies Ltd purchased a new position in RideNow Group during the second quarter valued at $52,000. Jane Street Group LLC purchased a new stake in shares of RideNow Group in the 2nd quarter worth about $71,000. City State Bank bought a new position in shares of RideNow Group in the 4th quarter worth about $26,000. Geode Capital Management LLC bought a new position in shares of RideNow Group in the 4th quarter worth about $1,477,000. Finally, Hillsdale Investment Management Inc. purchased a new position in RideNow Group during the 4th quarter valued at about $330,000. Institutional investors own 66.14% of the company’s stock.

RideNow Group Stock Performance

Shares of NASDAQ RDNW opened at $7.55 on Wednesday. RideNow Group, Inc. has a fifty-two week low of $1.91 and a fifty-two week high of $8.55. The company has a 50 day simple moving average of $7.38 and a two-hundred day simple moving average of $6.44. The company has a market capitalization of $291.35 million, a price-to-earnings ratio of -6.09 and a beta of 1.15.

RideNow Group (NASDAQ:RDNW) last announced its earnings results on Thursday, May 14th. The company reported ($0.11) earnings per share 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.

Analysts Set New Price Targets

Several research firms recently commented on RDNW. Robert W. Baird boosted their price objective 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. DA Davidson reaffirmed a “neutral” rating and set a $6.00 target price on shares of RideNow Group in a research note on Tuesday, March 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RideNow Group in a research note on Tuesday, April 21st. Finally, Wall Street Zen downgraded shares of RideNow Group from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. 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 has a consensus rating of “Reduce” and a consensus price target of $7.50.

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.