Roadzen (NASDAQ:RDZN) Stock Price Down 11.4% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RDZN shares. Maxim Group decreased their target price 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 initiated coverage on Roadzen in a report on Monday, October 28th. They set a “buy” rating and a $6.00 price objective for the company.

Roadzen Price Performance

The stock’s 50-day moving average price is $1.51 and its 200-day moving average price is $1.55. The company has a market cap of $127.30 million, a P/E ratio of -0.97 and a beta of 0.28.

Institutional Trading of Roadzen

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers purchased a new stake in Roadzen during the second quarter valued at about $39,000. Bank of New York Mellon Corp bought a new position in shares of Roadzen in the 2nd quarter worth $59,000. JPMorgan Chase & Co. lifted its stake in Roadzen by 124.5% during the third quarter. JPMorgan Chase & Co. now owns 28,108 shares of the company’s stock worth $33,000 after purchasing an additional 15,588 shares during the last quarter. Murchinson Ltd. bought a new stake in Roadzen in the 2nd quarter worth approximately $100,000. Finally, Geode Capital Management LLC boosted its stake in shares of Roadzen by 24.3% in the 3rd 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. Institutional investors own 24.73% of the company’s stock.

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.