Maxim Group Issues Pessimistic Forecast for Roadzen (NASDAQ:RDZN) Stock Price

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

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

Roadzen Trading Down 1.3 %

RDZN stock opened at $0.80 on Friday. The firm has a 50 day moving average of $1.07 and a 200-day moving average of $1.94. The company has a market cap of $54.75 million, a price-to-earnings ratio of -0.42 and a beta of 0.66. Roadzen has a 12-month low of $0.71 and a 12-month high of $7.17.

Hedge Funds Weigh In On Roadzen

A number of institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers acquired a new position in Roadzen during the 2nd quarter worth $39,000. Murchinson Ltd. bought a new position in shares of Roadzen during the second quarter worth about $100,000. Bank of New York Mellon Corp acquired a new position in Roadzen in the second quarter worth about $59,000. Finally, Geode Capital Management LLC increased its holdings in Roadzen by 24.3% in the third quarter. Geode Capital Management LLC now owns 221,210 shares of the company’s stock valued at $263,000 after buying an additional 43,235 shares during the last quarter. Institutional investors and hedge funds 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.