Short Interest in Roadzen, Inc. (NASDAQ:RDZN) Drops By 13.1%

Roadzen, Inc. (NASDAQ:RDZN) was the target of a significant decrease in short interest in September. As of September 15th, there was short interest totalling 396,200 shares, a decrease of 13.1% from the August 31st total of 456,100 shares. Based on an average daily trading volume, of 2,060,000 shares, the days-to-cover ratio is presently 0.2 days. Approximately 2.2% of the shares of the stock are short sold.

Roadzen Stock Performance

RDZN opened at $1.27 on Friday. Roadzen has a twelve month low of $1.20 and a twelve month high of $7.17. The firm’s 50-day moving average price is $1.59 and its 200 day moving average price is $3.18.

Roadzen (NASDAQ:RDZN) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.46) earnings per share (EPS) for the quarter. Roadzen had a negative net margin of 287.82% and a negative return on equity of 31,166.20%. The company had revenue of $8.93 million during the quarter.

Institutional Trading of Roadzen

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers acquired a new position in shares of Roadzen during the 2nd quarter valued at about $39,000. Bank of New York Mellon Corp purchased a new position in Roadzen during the second quarter worth about $59,000. Finally, Murchinson Ltd. acquired a new position in Roadzen in the 2nd quarter valued at about $100,000. 24.73% of the stock is owned by institutional investors and hedge funds.

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.