RideNow Group (NASDAQ:RDNW) Price Target Raised to $7.00

RideNow Group (NASDAQ:RDNW) had its price target upped by Robert W. Baird from $5.00 to $7.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts also recently weighed in on RDNW. Wall Street Zen raised shares of RideNow Group to a “buy” rating in a research note on Saturday, January 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of RideNow Group in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, RideNow Group currently has an average rating of “Reduce” and a consensus target price of $6.50.

RideNow Group Stock Performance

Shares of RDNW stock opened at $6.22 on Tuesday. RideNow Group has a 52 week low of $1.46 and a 52 week high of $7.17. The stock has a market capitalization of $236.48 million, a PE ratio of -4.47 and a beta of 1.26. The stock’s fifty day moving average is $6.00 and its 200-day moving average is $4.96.

RideNow Group (NASDAQ:RDNW) last released its quarterly earnings results on Monday, March 9th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.01). The business had revenue of $256.90 million during the quarter, compared to the consensus estimate of $267.08 million. RideNow Group had a negative net margin of 4.84% and a negative return on equity of 360.78%. As a group, analysts forecast that RideNow Group will post -0.89 earnings per share for the current fiscal year.

Institutional Trading of RideNow Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Union Square Park Capital Management LLC bought a new stake in RideNow Group during the 4th quarter worth about $8,763,000. Geode Capital Management LLC bought a new position in shares of RideNow Group in the 4th quarter valued at about $1,477,000. Deutsche Bank AG acquired a new stake in shares of RideNow Group during the 4th quarter worth approximately $1,004,000. Millennium Management LLC acquired a new stake in shares of RideNow Group during the 4th quarter worth approximately $927,000. Finally, First Financial Bankshares Inc bought a new stake in shares of RideNow Group during the fourth quarter worth approximately $554,000. 66.14% of the stock is currently owned by institutional investors and hedge funds.

RideNow Group Company Profile

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.