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

Roadzen (NASDAQ:RDZN) had its target price trimmed by Maxim Group from $7.00 to $4.00 in a research report sent to investors 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 research report on Monday, October 28th. They issued a “buy” rating and a $6.00 price objective for the company.

Roadzen Price Performance

Shares of RDZN stock traded down $0.01 on Friday, reaching $0.80. 81,299 shares of the company’s stock were exchanged, compared to its average volume of 109,359. The company’s fifty day simple moving average is $1.07 and its 200 day simple moving average is $1.96. Roadzen has a 52 week low of $0.71 and a 52 week high of $7.17.

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

Institutional Investors Weigh In On Roadzen

Hedge funds have recently made changes to their positions in the company. Rhumbline Advisers bought a new stake in shares of Roadzen in the second quarter valued at about $39,000. Bank of New York Mellon Corp purchased a new position in Roadzen during the 2nd quarter valued at about $59,000. Geode Capital Management LLC raised its holdings in shares of Roadzen by 24.3% in the 3rd quarter. Geode Capital Management LLC now owns 221,210 shares of the company’s stock valued at $263,000 after purchasing an additional 43,235 shares in the last quarter. Finally, Murchinson Ltd. purchased a new stake in shares of Roadzen in the 2nd quarter worth approximately $100,000. 24.73% of the stock is currently owned by hedge funds and other 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.