Short Interest in Roadzen, Inc. (NASDAQ:RDZN) Grows By 52.6%

Roadzen, Inc. (NASDAQ:RDZN) was the recipient of a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 29,300 shares, a growth of 52.6% from the May 15th total of 19,200 shares. Based on an average trading volume of 24,100 shares, the short-interest ratio is currently 1.2 days. Currently, 0.2% of the shares of the company are sold short.

Roadzen Price Performance

NASDAQ RDZN traded down $0.05 during trading hours on Friday, reaching $2.43. The company’s stock had a trading volume of 57,862 shares, compared to its average volume of 34,003. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.80 and a current ratio of 0.80. The business has a 50-day simple moving average of $4.02 and a 200 day simple moving average of $4.90. Roadzen has a 52 week low of $2.27 and a 52 week high of $17.00.

Wall Street Analysts Forecast Growth

Separately, Maxim Group assumed coverage on shares of Roadzen in a report on Thursday, May 23rd. They issued a “buy” rating and a $10.00 target price on the stock.

Hedge Funds Weigh In On Roadzen

An institutional investor recently bought a new position in Roadzen stock. Meteora Capital LLC bought a new position in Roadzen, Inc. (NASDAQ:RDZN) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,090,982 shares of the company’s stock, valued at approximately $17,059,000. Roadzen comprises approximately 2.9% of Meteora Capital LLC’s portfolio, making the stock its 6th largest position. Meteora Capital LLC owned about 16.36% of Roadzen at the end of the most recent quarter. 24.73% of the stock is owned by institutional investors and hedge funds.

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.