Maxim Group Initiates Coverage on Roadzen (NASDAQ:RDZN)

Analysts at Maxim Group assumed coverage on shares of Roadzen (NASDAQ:RDZN) in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage set a “buy” rating and a $10.00 price target on the stock. Maxim Group’s price target indicates a potential upside of 167.38% from the company’s previous close.

Roadzen Trading Down 2.9 %

NASDAQ RDZN opened at $3.74 on Thursday. Roadzen has a 12 month low of $2.70 and a 12 month high of $17.00. The company’s 50 day simple moving average is $5.07 and its 200 day simple moving average is $5.09. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.10.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Roadzen stock. Meteora Capital LLC bought a new position in shares of Roadzen, Inc. (NASDAQ:RDZN) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 4,090,982 shares of the company’s stock, valued at approximately $17,059,000. Roadzen makes up approximately 2.9% of Meteora Capital LLC’s portfolio, making the stock its 6th largest position. Meteora Capital LLC owned about 16.36% of Roadzen as of its most recent filing with the Securities & Exchange Commission. 24.73% of the stock is currently owned by institutional investors.

Roadzen Company Profile

Roadzen, Inc, an insurtech company, provides various insurance products in the United States and internationally. It offers insurance as a service platform, including Via, which enables fleets, carmakers, and insurers to inspect a vehicle using computer vision; Global Distribution Network that enables the configuration, customer quote, payment, and administration of any insurance policy with any insurance carrier as the underwriter; xClaim, which enables digital, touchless, and real-time resolution of claims; StrandD, a digital, real-time dispatch, and tracking for roadside assistance and first notice of loss during accident claims; Good Driving that enables insurers and fleets to recognize drivers, train drivers, and build usage based insurance programs; and Drivebuddy AI, which provides driver-assistance capabilities.