Algorhythm (NASDAQ:RIME) Trading 4.9% Higher – Here’s Why

Algorhythm Holdings, Inc. (NASDAQ:RIME)’s stock price rose 4.9% during mid-day trading on Wednesday . The stock traded as high as $2.82 and last traded at $2.77. Approximately 99,225 shares were traded during mid-day trading, an increase of 40% from the average daily volume of 70,915 shares. The stock had previously closed at $2.64.

Wall Street Analyst Weigh In

RIME has been the subject of several recent analyst reports. Wall Street Zen cut Algorhythm from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Litchfield Hills Research raised Algorhythm to a “strong-buy” rating and set a $5.00 price target for the company in a research note on Wednesday, June 4th. One analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, the stock currently has an average rating of “Strong Buy” and an average target price of $5.00.

Algorhythm Stock Up 4.9%

The company has a quick ratio of 0.53, a current ratio of 0.82 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average price of $2.30 and a two-hundred day moving average price of $2.43.

Algorhythm (NASDAQ:RIME) last announced its quarterly earnings data on Tuesday, August 19th. The company reported ($0.24) earnings per share for the quarter. The firm had revenue of $2.72 million during the quarter.

Algorhythm Company Profile

Algorhythm Holdings, Inc, together with its subsidiaries, engages in the development, marketing, and sale of consumer karaoke audio equipment, accessories, and musical recordings in North America, Australia, the United Kingdom, Europe, and internationally. It offers karaoke products under the Singing Machine brand; licensed karaoke microphone products under the Carpool Karaoke brand; microphone and accessories, and portable Bluetooth microphones under the Party Machine brand; music entertainment singing machines for children under the brand Singing Machine Kids; connected vehicle karaoke devices; and karaoke music subscription services for the iOS and Android platforms, as well as a web-based download store and integrated streaming services for hardware.