Roadzen (NASDAQ:RDZN) Stock Falls 10.4% – Here’s What Happened

Roadzen Inc. (NASDAQ:RDZN) shares dropped 10.4% during trading on Monday. The stock traded as low as $1.25 and last traded at $1.2550. 213,806 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 372,032 shares. The stock had previously closed at $1.40.

Wall Street Analysts Forecast Growth

RDZN has been the topic of a number of analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Roadzen in a report on Friday, July 17th. Wall Street Zen upgraded Roadzen from a “sell” rating to a “hold” rating in a research note on Saturday, July 4th. Finally, Zacks Research upgraded Roadzen to a “hold” rating in a research note on Thursday, July 2nd. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce”.

Roadzen Price Performance

The company has a 50 day simple moving average of $1.31 and a 200-day simple moving average of $1.40. The stock has a market cap of $115.40 million, a P/E ratio of -3.76 and a beta of 1.24.

Roadzen (NASDAQ:RDZN) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $16.19 million for the quarter, compared to analysts’ expectations of $16.05 million. As a group, research analysts expect that Roadzen Inc. will post -0.16 earnings per share for the current year.

Institutional Investors Weigh In On Roadzen

A number of hedge funds have recently made changes to their positions in RDZN. Squarepoint Ops LLC bought a new position in shares of Roadzen during the 2nd quarter valued at $50,000. State Street Corp purchased a new position in Roadzen in the 2nd quarter worth $328,000. Finally, Arete Wealth Advisors LLC bought a new stake in Roadzen in the first quarter worth $302,000. 24.73% of the stock is currently owned by institutional investors.

Roadzen Company Profile

Roadzen Inc is an insurance technology company that develops artificial intelligence and data-driven tools for the automotive and mobility industries. Its platform is designed to help insurers, brokers, automakers and commercial fleet operators improve the way motor insurance is distributed, underwritten and managed.

The company’s products and services include digital insurance distribution, telematics, computer-vision-based vehicle inspection, risk assessment, claims automation and fleet-management tools.