Roadzen (NASDAQ:RDZN) Price Target Lowered to $4.00 at Maxim Group

Roadzen (NASDAQ:RDZN) had its price objective reduced by equities research analysts at Maxim Group from $7.00 to $4.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Maxim Group’s target price points to a potential upside of 387.80% from the stock’s current price.

Separately, ThinkEquity initiated coverage on Roadzen in a research report on Monday, October 28th. They issued a “buy” rating and a $6.00 price target on the stock.

Roadzen Trading Up 1.2 %

NASDAQ:RDZN traded up $0.01 during mid-day trading on Friday, hitting $0.82. The company had a trading volume of 54,736 shares, compared to its average volume of 633,314. Roadzen has a 1 year low of $0.71 and a 1 year high of $7.17. The firm has a market capitalization of $56.12 million, a price-to-earnings ratio of -0.43 and a beta of 0.66. The business has a fifty day simple moving average of $1.08 and a 200-day simple moving average of $1.98.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers acquired a new position in shares of Roadzen during the second quarter worth approximately $39,000. Bank of New York Mellon Corp bought a new stake in Roadzen during the 2nd quarter valued at $59,000. Finally, Murchinson Ltd. purchased a new position in shares of Roadzen during the 2nd quarter worth approximately $100,000. 24.73% of the stock is owned by institutional investors.

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.