Roadzen (NASDAQ:RDZN) Announces Earnings Results, Beats Estimates By $0.01 EPS

Roadzen (NASDAQ:RDZN) posted its quarterly earnings results on Friday. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01, Zacks reports. The firm had revenue of $13.68 million for the quarter, compared to analysts’ expectations of $12.00 million.

Roadzen Stock Up 2.2%

Roadzen stock traded up $0.03 during mid-day trading on Friday, reaching $1.38. 257,726 shares of the company’s stock traded hands, compared to its average volume of 582,451. The stock has a 50 day moving average of $1.21 and a two-hundred day moving average of $1.09. The company has a market cap of $104.91 million, a price-to-earnings ratio of -3.37 and a beta of 0.46. Roadzen has a 12-month low of $0.68 and a 12-month high of $2.99.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Roadzen in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Roadzen has an average rating of “Sell”.

Institutional Investors Weigh In On Roadzen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Qube Research & Technologies Ltd bought a new position in shares of Roadzen during the 2nd quarter valued at approximately $78,000. Marshall Wace LLP purchased a new position in Roadzen during the second quarter worth $144,000. Goldman Sachs Group Inc. increased its position in Roadzen by 26.6% during the first quarter. Goldman Sachs Group Inc. now owns 144,213 shares of the company’s stock valued at $150,000 after acquiring an additional 30,305 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Roadzen by 51.7% in the first quarter. AQR Capital Management LLC now owns 40,559 shares of the company’s stock valued at $42,000 after acquiring an additional 13,830 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Roadzen by 263.3% in the 4th quarter. Bank of America Corp DE now owns 30,238 shares of the company’s stock worth $66,000 after acquiring an additional 21,915 shares during the last quarter. 24.73% of the stock is currently owned by hedge funds and other institutional investors.

About Roadzen

Roadzen, Inc, an insurtech company, provides various insurance products in the United States and internationally. It offers insurance as a service platform, including Via, which enables fleets, carmakers, and insurers to inspect a vehicle using computer vision; Global Distribution Network that enables the configuration, customer quote, payment, and administration of any insurance policy with any insurance carrier as the underwriter; xClaim, which enables digital, touchless, and real-time resolution of claims; StrandD, a digital, real-time dispatch, and tracking for roadside assistance and first notice of loss during accident claims; Good Driving that enables insurers and fleets to recognize drivers, train drivers, and build usage based insurance programs; and Drivebuddy AI, which provides driver-assistance capabilities.