Roadzen, Inc. (NASDAQ:RDZN) Sees Significant Increase in Short Interest

Roadzen, Inc. (NASDAQ:RDZN) was the target of a large growth in short interest in 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. Currently, 6.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 499,000 shares, the short-interest ratio is currently 2.1 days.

Roadzen Trading Up 5.4 %

Shares of RDZN stock traded up $0.08 during trading hours on Wednesday, reaching $1.57. 168,230 shares of the stock were exchanged, compared to its average volume of 527,928. The firm 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 company’s 50-day moving average price is $1.57 and its 200-day moving average price is $1.54.

Institutional Investors Weigh In On Roadzen

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. grew its position in Roadzen by 124.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,108 shares of the company’s stock valued at $33,000 after acquiring an additional 15,588 shares during the last quarter. Rhumbline Advisers purchased a new stake in shares of Roadzen during the second quarter valued at $39,000. Bank of New York Mellon Corp bought a new position in shares of Roadzen in the second quarter worth about $59,000. Murchinson Ltd. bought a new stake in Roadzen during the 2nd quarter valued at about $100,000. Finally, Geode Capital Management LLC boosted its position in 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 buying an additional 43,235 shares during the period. 24.73% of the stock is owned by institutional investors.

Analyst Ratings Changes

RDZN has been the subject of several recent research reports. ThinkEquity started coverage on Roadzen in a research report on Monday, October 28th. They issued a “buy” rating and a $6.00 price target for the company. Maxim Group decreased their price target on Roadzen from $7.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, November 15th.

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.