In a report released today, Nehal Chokshi from Maxim Group downgraded RumbleON Inc (NASDAQ: RMBL) to Hold. The company’s shares closed yesterday at $5.62.
Chokshi observed:
“Motorcycle portion disappoints due to elevated termination rates, but sales margin expands less than we would expect even after normalizing for various moving parts… …Combined with much higher opex & significantly lowered midterm outlook, we value motorcycle portion at a fraction of what we previously did. We expect Wholesale acquisition to be accretive to RMBL shareholders, but on a much longer timeframe than what management has communicated. Downgrading shares to Hold, from Buy.”
According to TipRanks.com, Chokshi is a 4-star analyst with an average return of 9.5% and a 55.7% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.
Currently, the analyst consensus on RumbleON Inc is a Moderate Buy with an average price target of $10.
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The company has a one-year high of $10.98 and a one-year low of $3.53. Currently, RumbleON Inc has an average volume of 185.3K.
Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RMBL in relation to earlier this year.
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RumbleON, Inc. operates a capital light disruptive e-commerce platform facilitating the ability of both consumers and dealers to buy-sell-trade-finance pre-owned vehicles in one online location. It focuses on the market for vin specific pre-owned vehicles with an initial emphasis on motorcycles and other powersports.
