RideNow Group (NASDAQ:RDNW) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of RideNow Group (NASDAQ:RDNW) to a buy rating in a report released on Saturday morning.

Several other research firms have also issued reports on RDNW. Weiss Ratings reissued a “sell (d-)” rating on shares of RideNow Group in a report on Wednesday, October 8th. DA Davidson set a $4.00 price objective on shares of RideNow Group and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $4.00.

RideNow Group Stock Down 1.3%

Shares of NASDAQ:RDNW opened at $5.92 on Friday. RideNow Group has a 12-month low of $1.46 and a 12-month high of $6.58. The company’s 50 day moving average price is $5.31 and its two-hundred day moving average price is $3.91. The firm has a market cap of $225.08 million, a PE ratio of -2.11 and a beta of 1.26.

RideNow Group (NASDAQ:RDNW) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.01. The business had revenue of $281.00 million during the quarter, compared to analysts’ expectations of $270.24 million. RideNow Group had a negative return on equity of 223.85% and a negative net margin of 9.35%. On average, research analysts expect that RideNow Group will post -0.89 EPS for the current year.

Institutional Trading of RideNow Group

Large investors have recently bought and sold shares of the business. Jane Street Group LLC bought a new position in RideNow Group in the second quarter valued at about $71,000. Qube Research & Technologies Ltd acquired a new stake in shares of RideNow Group in the 2nd quarter valued at approximately $52,000. Y Intercept Hong Kong Ltd bought a new stake in shares of RideNow Group during the 2nd quarter valued at approximately $137,000. Finally, Magnus Financial Group LLC increased its position in RideNow Group by 50.0% during the 2nd quarter. Magnus Financial Group LLC now owns 60,000 shares of the company’s stock worth $139,000 after purchasing an additional 20,000 shares in the last quarter. 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.