RideNow Group (NASDAQ:RDNW) Stock Breaks Above Fifty Day Moving Average – What’s Next?

RideNow Group, Inc. (NASDAQ:RDNW)’s share price passed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $5.43 and traded as high as $5.58. RideNow Group shares last traded at $5.44, with a volume of 53,096 shares.

Analyst Upgrades and Downgrades

RDNW has been the subject of several recent analyst reports. Texas Capital lowered RideNow Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 30th. Weiss Ratings raised shares of RideNow Group from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 27th. Finally, DA Davidson decreased their price target on RideNow Group from $9.00 to $8.00 and set a “neutral” rating for the company in a report on Wednesday, August 12th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $8.50.

RideNow Group Trading Up 1.3%

The company has a market capitalization of $212.21 million, a PE ratio of -23.65 and a beta of 1.34. The stock’s 50-day moving average is $5.43 and its two-hundred day moving average is $6.31.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its stake in shares of RideNow Group by 6,144.1% during the third quarter. Russell Investments Group Ltd. now owns 108,085 shares of the company’s stock valued at $594,000 after buying an additional 106,354 shares during the period. Hillsdale Investment Management Inc. lifted its position in RideNow Group by 8.4% in the first 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. Bank of New York Mellon Corp purchased a new stake in RideNow Group in the 2nd quarter valued at about $296,000. Bank of America Corp DE increased its position 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 valued at $229,000 after buying an additional 22,868 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in RideNow Group during the second quarter worth about $82,000. Hedge funds and other institutional investors own 66.14% of the company’s stock.

RideNow Group Company Profile

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.