RumbleOn Announces Rebranding, Shift Of Headquarters: Stock Tumbles Over 6% In Pre-Market

RumbleOn, Inc. said on Wednesday it has rebranded as RideNow Group, Inc., with a new ticker symbol RDNW. Both the name and ticker symbol officially changed on Wednesday. Shares of the company traded nearly 6% lower in Wednesday’s pre-market.

The firm stated that the move is part of a package of changes, which includes the relocation of the company's headquarters, the rollout of a new business framework, and expanded support for the company's 54 powersports dealerships.  

"This change is about more than a new name and ticker symbol—it's about aligning our corporate identity and our operations with the brand our customers already know," said CEO Michael Quartieri.

On Stocktwits, the retail sentiment around the stock trended in the ‘extremely bullish’ territory over the past 24 hours, while message volume rose from ‘high’ to ‘extremely high’ levels.

A Stocktwits user believes the stock could rise to $5.

The headquarters for RideNow Group will shift from Irving, Texas, to Chandler, Arizona, to offices in the company's flagship store, effective Wednesday. “The move consolidates leadership and support functions in one location, reinforcing the company's "one team" approach to corporate and store operations,” the firm said.

The company also launched its new RideNow website on Wednesday after announcing the name change on Tuesday. RideNow said that it will now be guided by the RideNow Way business framework, aimed at prioritising customer experience and operational excellence.

RideNow is one of the largest dealership groups in the U.S., which offers new and pre-owned motorcycles, all-terrain vehicles, utility terrain or side-by-side vehicles, personal watercraft, and more.

RDNW stock is down by 41% this year but up by about 10% over the past 12 months. 

Read also: Generation Bio Stock Surged 31% Pre-Market Today – What’s Going On?

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