Algorhythm (NASDAQ:RIME) Trading Down 10% – Here’s What Happened

Shares of Algorhythm Holdings, Inc. (NASDAQ:RIME) traded down 10% during trading on Thursday . The company traded as low as $1.33 and last traded at $1.35. 475,315 shares traded hands during trading, a decline of 90% from the average session volume of 4,721,629 shares. The stock had previously closed at $1.50.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Wall Street Zen raised Algorhythm to a “sell” rating in a research report on Saturday, February 14th. Zacks Research upgraded Algorhythm to a “hold” rating in a research note on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Algorhythm has a consensus rating of “Hold” and an average target price of $5.00.

Algorhythm Stock Down 10.0%

The firm’s 50-day moving average price is $1.43 and its 200-day moving average price is $1.73. 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 company has a market cap of $3.67 million, a price-to-earnings ratio of -0.24 and a beta of -0.38.

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.