RideNow Group (NASDAQ:RDNW) Stock Price Target Cut by Robert W. Baird

RideNow Group (NASDAQ:RDNW) had its target price decreased by analysts at Robert W. Baird from $9.00 to $5.50 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Robert W. Baird‘s price target would indicate a potential downside of 1.26% from the stock’s previous close.

Several other research analysts have also commented on the company. Texas Capital lowered RideNow Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 30th. DA Davidson reduced their price objective on RideNow Group from $9.00 to $8.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 12th. Finally, Weiss Ratings upgraded RideNow Group from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 27th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $6.75.

RideNow Group Stock Down 0.4%

RideNow Group stock opened at $5.57 on Wednesday. RideNow Group has a 52-week low of $4.52 and a 52-week high of $8.55. The firm’s fifty day moving average is $5.43 and its 200 day moving average is $6.31. The company has a market cap of $217.29 million, a price-to-earnings ratio of -24.22 and a beta of 1.34.

RideNow Group (NASDAQ:RDNW) last issued its quarterly earnings data on Tuesday, November 10th. The company reported ($0.36) EPS for the quarter. The business had revenue of $244.30 million for the quarter.

Institutional Trading of RideNow Group

Several institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. grew 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 last quarter. Engineers Gate Manager LP bought a new stake in shares of RideNow Group during the 2nd quarter worth approximately $82,000. Bank of New York Mellon Corp bought a new stake in shares of RideNow Group during the 2nd quarter worth approximately $296,000. Bank of America Corp DE lifted its stake in shares of 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 acquiring an additional 22,868 shares during the last quarter. Finally, Hillsdale Investment Management Inc. boosted its holdings in RideNow Group by 8.4% during the 1st quarter. Hillsdale Investment Management Inc. now owns 64,703 shares of the company’s stock valued at $457,000 after acquiring an additional 5,000 shares during the period. 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.