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

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

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

Roadzen Stock Performance

NASDAQ RDZN opened at $0.80 on Friday. Roadzen has a 1 year low of $0.71 and a 1 year high of $7.17. The company has a market cap of $54.75 million, a PE ratio of -0.42 and a beta of 0.66. The stock’s 50-day moving average price is $1.05 and its two-hundred day moving average price is $1.90.

Institutional Trading of Roadzen

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

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.