Algorhythm (NASDAQ:RIME) Trading Up 11.8% – Here’s What Happened

Algorhythm Holdings, Inc. (NASDAQ:RIME) shares shot up 11.8% on Wednesday . The stock traded as high as $2.01 and last traded at $1.93. 334,432 shares were traded during mid-day trading, a decline of 37% from the average session volume of 528,741 shares. The stock had previously closed at $1.7270.

Analyst Ratings Changes

A number of research firms have recently issued reports on RIME. Wall Street Zen downgraded shares of Algorhythm from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Algorhythm in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Algorhythm presently has an average rating of “Moderate Buy” and a consensus price target of $5.00.

Algorhythm Price Performance

The company has a market cap of $5.25 million, a PE ratio of -0.34 and a beta of -0.21. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.53 and a quick ratio of 0.53. The stock’s 50-day moving average is $1.97 and its 200 day moving average is $2.27.

Algorhythm (NASDAQ:RIME) last released its quarterly earnings results on Wednesday, November 19th. The company reported ($0.72) earnings per share (EPS) for the quarter. The business had revenue of $1.74 million for the quarter.

About Algorhythm

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.