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

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

Other research analysts also recently issued reports about the company. Wall Street Zen raised RideNow Group from a “hold” rating to a “buy” rating in a research note on Sunday, April 12th. DA Davidson reissued a “neutral” rating and issued a $6.00 price objective on shares of RideNow Group in a research note on Tuesday, March 10th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of RideNow Group in a research note on Tuesday, April 21st. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $7.50.

RideNow Group Stock Performance

NASDAQ RDNW opened at $7.93 on Friday. The business has a fifty day moving average price of $6.73 and a 200 day moving average price of $5.91. RideNow Group has a one year low of $1.46 and a one year high of $8.22. The company has a market cap of $304.61 million, a P/E ratio of -5.71 and a beta of 1.13.

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

Institutional Trading of RideNow Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. City State Bank acquired a new stake in shares of RideNow Group in the 4th quarter worth $26,000. Hillsdale Investment Management Inc. increased its stake in shares of RideNow Group by 8.4% in the 1st quarter. Hillsdale Investment Management Inc. now owns 64,703 shares of the company’s stock worth $457,000 after acquiring an additional 5,000 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of RideNow Group in the 4th quarter worth $64,000. Balyasny Asset Management L.P. purchased a new position in shares of RideNow Group during the 4th quarter worth $66,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of RideNow Group during the 4th quarter worth $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.