Roadzen (NASDAQ:RDZN) Earns Buy Rating from Analysts at Maxim Group

Analysts at Maxim Group started coverage on shares of Roadzen (NASDAQ:RDZN) in a research note issued on Thursday, Briefing.com reports. The brokerage set a “buy” rating and a $10.00 price target on the stock. Maxim Group’s target price indicates a potential upside of 154.45% from the company’s previous close.

Roadzen Stock Up 19.8 %

Shares of Roadzen stock opened at $3.93 on Thursday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.10. The business’s 50 day simple moving average is $5.18 and its two-hundred day simple moving average is $5.11. Roadzen has a one year low of $2.70 and a one year high of $17.00.

Institutional Investors Weigh In On Roadzen

A hedge fund recently bought a new stake in Roadzen stock. Meteora Capital LLC purchased a new position in Roadzen, Inc. (NASDAQ:RDZN) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,090,982 shares of the company’s stock, valued at approximately $17,059,000. Roadzen comprises 2.9% of Meteora Capital LLC’s investment portfolio, making the stock its 6th biggest position. Meteora Capital LLC owned 16.36% of Roadzen as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 24.73% of the company’s stock.

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.