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

by · The Cerbat Gem

Roadzen Inc. (NASDAQ:RDZN – Get Free Report) was the recipient of a large decline in short interest in August. As of August 15th, there was short interest totaling 356,200 shares, adeclineof32.6% from the July 31st total of 528,800 shares. Based on an average daily volume of 478,100 shares, the days-to-cover ratio is currently 0.7 days. Currently,0.8% of the company’s stock are sold short. Currently,0.8% of the company’s stock are sold short. Based on an average daily volume of 478,100 shares, the days-to-cover ratio is currently 0.7 days.

Roadzen Price Performance

Shares of Roadzen stock traded down $0.05 during trading hours on Monday, hitting $0.93. The company had a trading volume of 98,442 shares, compared to its average volume of 338,955. The company has a market cap of $70.85 million, a P/E ratio of -0.61 and a beta of 0.37. Roadzen has a twelve month low of $0.68 and a twelve month high of $2.99. The company’s 50-day moving average is $1.08 and its two-hundred day moving average is $1.04.

Roadzen (NASDAQ:RDZN – Get Free Report) last announced its earnings results on Wednesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). The company had revenue of $10.87 million during the quarter, compared to analysts’ expectations of $11.41 million.

Hedge Funds Weigh In On Roadzen

A number of institutional investors have recently modified their holdings of RDZN. Wells Fargo & Company MN lifted its holdings in shares of Roadzen by 221.8% during the fourth quarter. Wells Fargo & Company MN now owns 21,856 shares of the company’s stock worth $48,000 after purchasing an additional 15,064 shares during the period. Barclays PLC lifted its holdings in Roadzen by 186.4% in the fourth quarter. Barclays PLC now owns 57,026 shares of the company’s stock valued at $124,000 after acquiring an additional 37,115 shares during the period. Price T Rowe Associates Inc. MD acquired a new stake in Roadzen in the fourth quarter valued at $32,000. Northern Trust Corp lifted its holdings in Roadzen by 132.2% in the fourth quarter. Northern Trust Corp now owns 221,184 shares of the company’s stock valued at $482,000 after acquiring an additional 125,933 shares during the period. Finally, Jane Street Group LLC acquired a new stake in Roadzen in the fourth quarter valued at $39,000. 24.73% of the stock is owned by institutional investors and hedge funds.

About Roadzen

(Get Free Report)

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.

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