Short Interest in Algorhythm Holdings, Inc. (NASDAQ:RIME) Decreases By 64.9%

Algorhythm Holdings, Inc. (NASDAQ:RIME) was the target of a large drop in short interest in December. As of December 31st, there was short interest totaling 74,999 shares, a drop of 64.9% from the December 15th total of 213,407 shares. Based on an average trading volume of 95,723 shares, the short-interest ratio is presently 0.8 days. Approximately 2.8% of the shares of the company are short sold. Approximately 2.8% of the shares of the company are short sold. Based on an average trading volume of 95,723 shares, the short-interest ratio is presently 0.8 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Algorhythm in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Algorhythm presently has an average rating of “Moderate Buy” and an average price target of $5.00.

Algorhythm Trading Up 3.6%

Shares of NASDAQ:RIME opened at $0.92 on Tuesday. The company has a debt-to-equity ratio of 2.50, a quick ratio of 0.53 and a current ratio of 0.53. The stock’s 50-day moving average is $1.51 and its 200-day moving average is $2.03. The company has a market cap of $2.50 million, a P/E ratio of -0.16 and a beta of -0.22. Algorhythm has a 52-week low of $0.73 and a 52-week high of $26.24.

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