Roadzen, Inc. (NASDAQ:RDZN) Short Interest Up 72.0% in December

Roadzen, Inc. (NASDAQ:RDZN) was the target of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 1,030,000 shares, a growth of 72.0% from the December 15th total of 598,900 shares. Approximately 6.2% of the company’s stock are sold short. Based on an average daily trading volume, of 499,000 shares, the short-interest ratio is presently 2.1 days.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Maxim Group decreased their price target on Roadzen from $7.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, November 15th. ThinkEquity assumed coverage on shares of Roadzen in a report on Monday, October 28th. They set a “buy” rating and a $6.00 price target on the stock.

Hedge Funds Weigh In On Roadzen

A number of hedge funds have recently made changes to their positions in RDZN. JPMorgan Chase & Co. lifted its holdings in shares of Roadzen by 124.5% in the third quarter. JPMorgan Chase & Co. now owns 28,108 shares of the company’s stock worth $33,000 after buying an additional 15,588 shares in the last quarter. Rhumbline Advisers purchased a new stake in Roadzen in the 2nd quarter worth $39,000. Bank of New York Mellon Corp purchased a new stake in Roadzen in the 2nd quarter worth $59,000. Geode Capital Management LLC grew its position in shares of Roadzen by 24.3% during the third quarter. Geode Capital Management LLC now owns 221,210 shares of the company’s stock valued at $263,000 after purchasing an additional 43,235 shares in the last quarter. Finally, Murchinson Ltd. purchased a new position in shares of Roadzen during the second quarter valued at about $100,000. Institutional investors own 24.73% of the company’s stock.

Roadzen Stock Performance

Shares of NASDAQ RDZN traded up $0.08 during midday trading on Wednesday, reaching $1.57. The stock had a trading volume of 168,230 shares, compared to its average volume of 527,928. The company has a market capitalization of $116.48 million, a price-to-earnings ratio of -0.82 and a beta of 0.28. Roadzen has a 12-month low of $0.71 and a 12-month high of $7.17. The stock has a 50-day moving average of $1.57 and a 200-day moving average of $1.54.

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.