RideNow Group (NASDAQ:RDNW) Shares Down 1.3% – Here’s What Happened

RideNow Group, Inc. (NASDAQ:RDNW)’s share price fell 1.3% on Wednesday . The company traded as low as $6.27 and last traded at $6.27. 18,042 shares were traded during trading, a decline of 66% from the average session volume of 52,397 shares. The stock had previously closed at $6.35.

Analyst Upgrades and Downgrades

Several brokerages have commented on RDNW. Weiss Ratings reissued a “sell (d-)” rating on shares of RideNow Group in a report on Thursday, January 22nd. Wall Street Zen raised shares of RideNow Group to a “buy” rating in a report on Saturday, January 10th. Finally, DA Davidson set a $4.00 price objective on RideNow Group and gave the company a “neutral” rating in a research note on Wednesday, November 5th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $4.00.

RideNow Group Trading Down 1.3%

The stock’s fifty day moving average price is $5.79 and its 200 day moving average price is $4.71. The stock has a market cap of $238.39 million, a P/E ratio of -2.24 and a beta of 1.31.

Hedge Funds Weigh In On RideNow Group

A number of hedge funds and other institutional investors have recently modified their holdings of RDNW. Y Intercept Hong Kong Ltd purchased a new position in shares of RideNow Group during the 2nd quarter valued at about $137,000. City State Bank purchased a new stake in RideNow Group in the fourth quarter worth approximately $26,000. Hillsdale Investment Management Inc. bought a new position in RideNow Group during the fourth quarter valued at approximately $330,000. JB Capital Partners LP bought a new position in RideNow Group during the fourth quarter valued at approximately $386,000. Finally, Union Square Park Capital Management LLC purchased a new position in shares of RideNow Group during the fourth quarter worth approximately $8,763,000. 66.14% of the stock is currently owned by hedge funds and other institutional investors.

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.