Roadzen (NASDAQ:RDZN) Given New $4.00 Price Target at Maxim Group

Roadzen (NASDAQ:RDZN) had its target price lowered by Maxim Group from $7.00 to $4.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, ThinkEquity started coverage on shares of Roadzen in a report on Monday, October 28th. They set a “buy” rating and a $6.00 price objective for the company.

Roadzen Trading Down 1.3 %

Roadzen stock traded down $0.01 during mid-day trading on Friday, hitting $0.80. The stock had a trading volume of 81,299 shares, compared to its average volume of 109,359. The firm’s 50 day moving average is $1.07 and its 200 day moving average is $1.96. Roadzen has a one year low of $0.71 and a one year high of $7.17.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RDZN. Rhumbline Advisers bought a new position in Roadzen during the second quarter valued at approximately $39,000. Bank of New York Mellon Corp purchased a new position in Roadzen in the second quarter worth about $59,000. Murchinson Ltd. purchased a new position in Roadzen in the second quarter worth about $100,000. Finally, Geode Capital Management LLC increased its stake in Roadzen by 24.3% during the third quarter. Geode Capital Management LLC now owns 221,210 shares of the company’s stock worth $263,000 after acquiring an additional 43,235 shares during the last quarter. Hedge funds and other 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.