RumbleOn (NASDAQ:RMBL) Given New $7.00 Price Target at B. Riley

RumbleOn (NASDAQ:RMBL) had its price target lowered by analysts at B. Riley from $9.00 to $7.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s price objective suggests a potential upside of 34.87% from the company’s current price.

Separately, Wedbush dropped their target price on shares of RumbleOn from $7.00 to $5.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th.

RumbleOn Price Performance

NASDAQ:RMBL traded up $0.23 during mid-day trading on Wednesday, reaching $5.19. 69,396 shares of the stock were exchanged, compared to its average volume of 161,583. The company has a current ratio of 1.12, a quick ratio of 0.27 and a debt-to-equity ratio of 2.23. The business has a fifty day moving average price of $4.82 and a 200 day moving average price of $4.77. RumbleOn has a 1-year low of $3.13 and a 1-year high of $8.84. The firm has a market capitalization of $183.31 million, a PE ratio of -0.61 and a beta of 2.08.

Institutional Trading of RumbleOn

A number of hedge funds have recently bought and sold shares of RMBL. Citigroup Inc. grew its position in RumbleOn by 46,928.8% during the 3rd quarter. Citigroup Inc. now owns 1,701,503 shares of the company’s stock worth $8,150,000 after purchasing an additional 1,697,885 shares in the last quarter. Magnus Financial Group LLC lifted its holdings in shares of RumbleOn by 146.8% in the third quarter. Magnus Financial Group LLC now owns 76,500 shares of the company’s stock valued at $366,000 after purchasing an additional 45,500 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of RumbleOn in the second quarter worth $182,000. Rhumbline Advisers grew its holdings in shares of RumbleOn by 3,910.5% during the second quarter. Rhumbline Advisers now owns 19,772 shares of the company’s stock valued at $81,000 after buying an additional 19,279 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in RumbleOn during the first quarter valued at $90,000. 66.14% of the stock is owned by hedge funds and other institutional investors.

About RumbleOn

RumbleOn, Inc primarily operates as a powersports retailer in the United States. It operates in two segments, Powersports and Vehicle Transportation Services. The Powersports segment provides new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, snowmobiles, and other powersports products.