Roadzen (NASDAQ:RDZN) Shares Down 5.3% – What’s Next?

Roadzen, Inc. (NASDAQ:RDZN)’s stock price dropped 5.3% during trading on Tuesday . The company traded as low as $1.03 and last traded at $1.07. Approximately 91,244 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 714,313 shares. The stock had previously closed at $1.13.

Roadzen Stock Down 5.3 %

The firm’s 50 day simple moving average is $1.27 and its two-hundred day simple moving average is $1.33. The stock has a market capitalization of $79.38 million, a P/E ratio of -0.71 and a beta of 0.24.

Roadzen (NASDAQ:RDZN) last issued its earnings results on Wednesday, February 12th. The company reported ($0.04) EPS for the quarter.

Institutional Investors Weigh In On Roadzen

A number of hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD acquired a new position in shares of Roadzen during the fourth quarter worth approximately $32,000. JPMorgan Chase & Co. increased its stake in Roadzen by 124.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,108 shares of the company’s stock valued at $33,000 after purchasing an additional 15,588 shares in the last quarter. SG Americas Securities LLC acquired a new position in Roadzen during the fourth quarter worth $34,000. Jane Street Group LLC bought a new position in shares of Roadzen in the fourth quarter valued at $39,000. Finally, Corebridge Financial Inc. grew its holdings in shares of Roadzen by 132.0% during the fourth quarter. Corebridge Financial Inc. now owns 18,769 shares of the company’s stock valued at $41,000 after buying an additional 10,680 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.