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

Roadzen (NASDAQ:RDZN) had its price target dropped by Maxim Group from $7.00 to $4.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Maxim Group’s target price points to a potential upside of 400.00% from the company’s previous close.

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

Roadzen Trading Down 1.3 %

Shares of NASDAQ:RDZN opened at $0.80 on Friday. The firm’s 50 day moving average is $1.07 and its two-hundred day moving average is $1.94. The firm has a market capitalization of $54.75 million, a P/E ratio of -0.42 and a beta of 0.66. Roadzen has a 52 week low of $0.71 and a 52 week high of $7.17.

Institutional Investors Weigh In On Roadzen

Hedge funds have recently made changes to their positions in the company. Rhumbline Advisers purchased a new stake in shares of Roadzen in the 2nd quarter valued at approximately $39,000. Murchinson Ltd. purchased a new stake in Roadzen in the 2nd quarter worth approximately $100,000. Bank of New York Mellon Corp purchased a new stake in Roadzen in the 2nd quarter worth approximately $59,000. Finally, Geode Capital Management LLC lifted its position in Roadzen by 24.3% in the 3rd quarter. Geode Capital Management LLC now owns 221,210 shares of the company’s stock worth $263,000 after buying an additional 43,235 shares in the last quarter. Hedge funds and other institutional investors own 24.73% of the company’s stock.

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.