Roadzen (NASDAQ:RDZN) Stock Price Up 3.1% - Should You Buy?

Roadzen, Inc. (NASDAQ:RDZN - Get Free Report) shares shot up 3.1% on Monday . The company traded as high as $1.80 and last traded at $1.65. 571,058 shares were traded during mid-day trading, a decline of 7% from the average session volume of 612,267 shares. The stock had previously closed at $1.60.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on RDZN shares. Maxim Group reduced their price objective on Roadzen from $7.00 to $4.00 and set a "buy" rating on the stock in a research note on Friday, November 15th. ThinkEquity initiated coverage on shares of Roadzen in a research report on Monday, October 28th. They set a "buy" rating and a $6.00 price target for the company.

Roadzen Trading Up 57.6 %

The business has a fifty day moving average of $0.98 and a 200-day moving average of $1.64. The company has a market cap of $177.95 million, a PE ratio of -0.92 and a beta of 0.72.

Hedge Funds Weigh In On Roadzen

Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers bought a new position in Roadzen in the second quarter worth about $39,000. Bank of New York Mellon Corp bought a new stake in Roadzen during the 2nd quarter valued at approximately $59,000. Murchinson Ltd. purchased a new position in shares of Roadzen during the 2nd quarter worth approximately $100,000. Finally, Geode Capital Management LLC raised its position 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 worth $263,000 after acquiring an additional 43,235 shares in the last quarter. 24.73% of the stock is owned by hedge funds and other institutional investors.

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.