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

Roadzen (NASDAQ:RDZN) had its price target trimmed by Maxim Group from $7.00 to $4.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

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

Roadzen Stock Down 1.3 %

NASDAQ:RDZN opened at $0.80 on Friday. The business’s 50 day moving average is $1.07 and its two-hundred day moving average is $1.92. Roadzen has a 52 week low of $0.71 and a 52 week high of $7.17. The company has a market cap of $54.75 million, a PE ratio of -0.42 and a beta of 0.66.

Institutional Trading of Roadzen

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