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

Roadzen (NASDAQ:RDZN) had its target price lowered by Maxim Group from $7.00 to $4.00 in a research note released 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 issued a “buy” rating and a $6.00 price objective for the company.

Roadzen Price Performance

Roadzen stock opened at $0.80 on Friday. The stock’s 50 day moving average price is $1.07 and its 200 day moving average price is $1.92. The company has a market cap of $54.75 million, a PE ratio of -0.42 and a beta of 0.66. Roadzen has a 1-year low of $0.71 and a 1-year high of $7.17.

Hedge Funds Weigh In On Roadzen

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rhumbline Advisers purchased a new position in shares of Roadzen in the second quarter valued at $39,000. Bank of New York Mellon Corp acquired a new position in Roadzen during the second quarter worth about $59,000. Murchinson Ltd. purchased a new stake in shares of Roadzen in the second quarter valued at about $100,000. Finally, Geode Capital Management LLC grew its position in shares of 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 purchasing an additional 43,235 shares during the last quarter. 24.73% of the stock is 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.