RideNow Group (NASDAQ:RDNW) Stock Gets Downgrade from Texas Capital

RideNow Group (NASDAQ:RDNW) was downgraded by investment analysts at Texas Capital from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Zacks reports.

Several other analysts have also weighed in on RDNW. DA Davidson lowered their price objective on RideNow Group from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. Weiss Ratings raised RideNow Group from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, RideNow Group currently has an average rating of “Reduce” and a consensus target price of $8.50.

RideNow Group Stock Performance

RDNW opened at $5.10 on Friday. The company has a 50-day moving average of $5.49 and a 200-day moving average of $6.32. The company has a market capitalization of $198.96 million, a P/E ratio of -22.17 and a beta of 1.29. RideNow Group has a 1-year low of $3.20 and a 1-year high of $8.55.

RideNow Group (NASDAQ:RDNW) last issued its earnings results on Tuesday, August 11th. The company reported $0.16 earnings per share (EPS) for the quarter. The company had revenue of $296.80 million during the quarter.

Institutional Trading of RideNow Group

Hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new stake in shares of RideNow Group in the 2nd quarter worth approximately $296,000. Bank of America Corp DE grew its stake in RideNow Group by 238.5% during the 1st quarter. Bank of America Corp DE now owns 32,456 shares of the company’s stock worth $229,000 after buying an additional 22,868 shares during the last quarter. Engineers Gate Manager LP bought a new position in RideNow Group during the 2nd quarter worth $82,000. Finally, Hillsdale Investment Management Inc. grew its stake in RideNow Group by 8.4% during the 1st quarter. Hillsdale Investment Management Inc. now owns 64,703 shares of the company’s stock worth $457,000 after buying an additional 5,000 shares during the last quarter. Institutional investors own 66.14% of the company’s stock.

About RideNow Group

RumbleOn, Inc primarily operates as a powersports retailer in the United States. It operates in two segments, Powersports and Vehicle Transportation Services. The Powersports segment provides new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products. It also offers parts, apparel, accessories, finance and insurance products and services, and aftermarket products, as well as repair and maintenance services.