Roadzen (NASDAQ:RDZN) Trading Down 11.4% – Should You Sell?

Roadzen, Inc. (NASDAQ:RDZN) shares traded down 11.4% during trading on Tuesday . The stock traded as low as $1.97 and last traded at $2.02. Approximately 489,465 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 828,661 shares. The stock had previously closed at $2.28.

Wall Street Analysts Forecast Growth

RDZN has been the subject of several research analyst reports. ThinkEquity began coverage on shares of Roadzen in a research report on Monday, October 28th. They issued a “buy” rating and a $6.00 price target for the company. Maxim Group lowered their price target on Roadzen from $7.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, November 15th.

Roadzen Price Performance

The firm has a market capitalization of $127.30 million, a P/E ratio of -0.97 and a beta of 0.28. The business has a 50 day moving average price of $1.51 and a 200 day moving average price of $1.55.

Hedge Funds Weigh In On Roadzen

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in Roadzen in the second quarter valued at about $59,000. Rhumbline Advisers acquired a new position in Roadzen in the second quarter valued at approximately $39,000. Murchinson Ltd. bought a new position in Roadzen in the second quarter valued at approximately $100,000. Geode Capital Management LLC grew its holdings in 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 acquiring an additional 43,235 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Roadzen by 124.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,108 shares of the company’s stock worth $33,000 after acquiring an additional 15,588 shares during the period. 24.73% of the stock is currently owned by institutional investors and hedge funds.

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.