RideNow Group (NASDAQ:RDNW) Stock Price Up 1% – Still a Buy?

RideNow Group, Inc. (NASDAQ:RDNW) was up 1% during trading on Friday . The stock traded as high as $7.96 and last traded at $7.85. Approximately 33,301 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 96,948 shares. The stock had previously closed at $7.77.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RideNow Group in a research report on Tuesday, April 21st. Wall Street Zen downgraded shares of RideNow Group from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. DA Davidson reaffirmed a “neutral” rating and issued a $6.00 target price on shares of RideNow Group in a research report on Tuesday, March 10th. Finally, Robert W. Baird upped their target price on shares of RideNow Group from $7.00 to $9.00 and gave the stock a “neutral” rating in a research report on Friday, May 15th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $7.50.

RideNow Group Stock Performance

The company’s 50-day moving average is $7.34 and its 200 day moving average is $6.39. The company has a market capitalization of $302.93 million, a PE ratio of -6.33 and a beta of 1.15.

RideNow Group (NASDAQ:RDNW) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.11) EPS for the quarter. RideNow Group had a negative net margin of 4.28% and a negative return on equity of 2,628.57%. The firm had revenue of $260.40 million for the quarter.

Institutional Trading of RideNow Group

Institutional investors have recently bought and sold shares of the company. City State Bank purchased a new stake in RideNow Group during the 4th quarter valued at about $26,000. Qube Research & Technologies Ltd purchased a new stake in RideNow Group during the 2nd quarter valued at about $52,000. Dimensional Fund Advisors LP purchased a new stake in RideNow Group during the 4th quarter valued at about $64,000. Balyasny Asset Management L.P. purchased a new stake in RideNow Group during the 4th quarter valued at about $66,000. Finally, OMERS ADMINISTRATION Corp purchased a new stake in RideNow Group during the 4th quarter valued at about $69,000. 66.14% of the stock is owned by hedge funds and other institutional investors.

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.