Roadzen (NASDAQ:RDZN) Shares Down 11.4% – Here’s Why

Roadzen, Inc. (NASDAQ:RDZN)’s stock price was down 11.4% on Tuesday . The company traded as low as $1.97 and last traded at $2.02. Approximately 489,465 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 828,661 shares. The stock had previously closed at $2.28.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. ThinkEquity initiated coverage on Roadzen in a research note on Monday, October 28th. They set a “buy” rating and a $6.00 price target for the company. Maxim Group decreased their target price on Roadzen from $7.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, November 15th.

Roadzen Stock Performance

The stock’s 50-day simple moving average is $1.50 and its two-hundred day simple moving average is $1.55. The stock has a market cap of $138.25 million, a price-to-earnings ratio of -1.05 and a beta of 0.28.

Hedge Funds Weigh In On Roadzen

Several large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its position in Roadzen by 124.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,108 shares of the company’s stock worth $33,000 after buying an additional 15,588 shares during the period. Rhumbline Advisers acquired a new stake in shares of Roadzen in the second quarter worth $39,000. Bank of New York Mellon Corp acquired a new stake in shares of Roadzen in the second quarter worth $59,000. Murchinson Ltd. bought a new position in Roadzen during the second quarter worth $100,000. Finally, Geode Capital Management LLC raised its stake in Roadzen by 24.3% during 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 during the last quarter. Institutional investors and hedge funds 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.