ThinkEquity Begins Coverage on Roadzen (NASDAQ:RDZN)

ThinkEquity started coverage on shares of Roadzen (NASDAQ:RDZN) in a report published on Monday morning, MarketBeat reports. The brokerage issued a buy rating and a $6.00 price objective on the stock.

Roadzen Stock Performance

Shares of RDZN opened at $0.98 on Monday. The stock has a market capitalization of $67.07 million, a PE ratio of -0.33 and a beta of 0.63. Roadzen has a 1 year low of $0.80 and a 1 year high of $7.17. The company’s 50-day simple moving average is $1.32 and its 200-day simple moving average is $2.28.

Roadzen (NASDAQ:RDZN) last issued its earnings results on Tuesday, August 13th. The company reported ($0.46) earnings per share for the quarter. The firm had revenue of $8.93 million during the quarter. Roadzen had a negative net margin of 287.82% and a negative return on equity of 31,166.20%.

Institutional Trading of Roadzen

Several hedge funds have recently added to or reduced their stakes in RDZN. Murchinson Ltd. acquired a new stake in Roadzen in the second quarter valued at approximately $100,000. Bank of New York Mellon Corp purchased a new position in Roadzen in the second quarter valued at approximately $59,000. Finally, Rhumbline Advisers purchased a new position in Roadzen in the second quarter valued at approximately $39,000. 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.