RumbleOn (RMBL) is facing concerns about the state of the powersports payment buyer and a potentially slower industry recovery, B. Riley Securities said in a note Friday.
"Although the Fed has reduced interest rates... we would not be surprised if payment buyers remain on the sidelines, for the most part until rates move meaningfully lower from here and the outlook for the economy improves further," the firm said.
B. Riley said it is also moving to the sidelines amid "a lack of comfort in the powersports demand recovery timeline."
"We will look for improved powersports demand visibility and/or a more attractive entry point to, once again, become positive on the shares," B. Riley added.
B. Riley downgraded the company to neutral from buy and maintained its $7 price target.
RumbleOn shares were down 2.7% in recent Friday trading.
Price: 6.81, Change: -0.19, Percent Change: -2.71
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