Roadzen (NASDAQ:RDZN) Trading Up 1.8% – Here’s What Happened

Shares of Roadzen Inc. (NASDAQ:RDZN) traded up 1.8% during trading on Thursday . The company traded as high as $1.80 and last traded at $1.70. 909,786 shares traded hands during mid-day trading, an increase of 19% from the average session volume of 763,997 shares. The stock had previously closed at $1.67.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Roadzen in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $4.00.

Roadzen Trading Up 1.8%

The firm has a market cap of $129.23 million, a price-to-earnings ratio of -4.15 and a beta of 0.34. The business’s 50-day simple moving average is $1.10 and its two-hundred day simple moving average is $1.05.

Roadzen (NASDAQ:RDZN) last issued its earnings results on Wednesday, August 13th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). The business had revenue of $10.87 million during the quarter, compared to analyst estimates of $11.41 million.

Institutional Trading of Roadzen

Hedge funds have recently modified their holdings of the stock. Ground Swell Capital LLC bought a new stake in shares of Roadzen in the 2nd quarter valued at $26,000. AQR Capital Management LLC increased its stake in shares of Roadzen by 51.7% in the 1st 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 in the last quarter. Nuveen LLC bought a new stake in shares of Roadzen in the 1st quarter valued at $51,000. Bank of New York Mellon Corp increased its stake in shares of Roadzen by 57.2% in the 1st quarter. Bank of New York Mellon Corp now owns 57,456 shares of the company’s stock valued at $60,000 after acquiring an additional 20,902 shares in the last quarter. Finally, Bank of America Corp DE increased its stake 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 valued at $66,000 after acquiring an additional 21,915 shares in the last quarter. Institutional investors own 24.73% of the company’s stock.

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.