ThinkEquity Begins Coverage on Roadzen (NASDAQ:RDZN)

ThinkEquity initiated coverage on shares of Roadzen (NASDAQ:RDZN) in a report published on Monday, MarketBeat.com reports. The firm issued a buy rating and a $6.00 price target on the stock.

Roadzen Stock Down 3.9 %

Shares of Roadzen stock opened at $0.98 on Monday. The firm has a market capitalization of $67.07 million, a P/E ratio of -0.33 and a beta of 0.63. Roadzen has a 52 week low of $0.80 and a 52 week high of $7.17. The firm’s 50 day moving average is $1.32 and its two-hundred day moving average is $2.28.

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

Hedge Funds Weigh In On Roadzen

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

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.