Maxim Group Has Lowered Expectations for Roadzen (NASDAQ:RDZN) Stock Price

Roadzen (NASDAQ:RDZN) had its target price reduced by equities researchers at Maxim Group from $7.00 to $4.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Maxim Group’s price target would indicate a potential upside of 387.80% from the company’s previous close.

Separately, ThinkEquity assumed coverage on shares of Roadzen in a research note on Monday, October 28th. They issued a “buy” rating and a $6.00 price target for the company.

Roadzen Price Performance

Shares of RDZN traded up $0.01 during trading hours on Friday, hitting $0.82. 54,736 shares of the stock were exchanged, compared to its average volume of 633,314. Roadzen has a fifty-two week low of $0.71 and a fifty-two week high of $7.17. The business has a 50-day moving average of $1.08 and a 200-day moving average of $1.98. The firm has a market capitalization of $56.12 million, a P/E ratio of -0.43 and a beta of 0.66.

Roadzen (NASDAQ:RDZN) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.46) EPS for the quarter. Roadzen had a negative net margin of 290.14% and a negative return on equity of 31,166.20%. The business had revenue of $8.93 million for the quarter.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Murchinson Ltd. acquired a new position in Roadzen during the second quarter valued at $100,000. Bank of New York Mellon Corp acquired a new position in shares of Roadzen in the second quarter worth $59,000. Finally, Rhumbline Advisers purchased a new stake in Roadzen during the 2nd quarter worth about $39,000. Hedge funds and other institutional investors own 24.73% of the company’s stock.

Roadzen Company Profile

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.