Algorhythm Holdings, Inc. (NASDAQ:RIME) Stock Short Interest Declines 43.8%

Algorhythm Holdings, Inc. (NASDAQ:RIME) was the target of a large decline in short interest during the month of September. As of September 15th, there was short interest totaling 417,949 shares, a decline of 43.8% from the August 31st total of 743,512 shares. Currently, 2.5% of the shares of the stock are short sold. Based on an average trading volume of 1,213,708 shares, the days-to-cover ratio is currently 0.3 days.

Algorhythm Stock Performance

Shares of NASDAQ:RIME traded up $0.00 during mid-day trading on Wednesday, hitting $0.16. The stock had a trading volume of 702,417 shares, compared to its average volume of 3,162,962. The company has a market cap of $2.77 million, a PE ratio of -0.11 and a beta of -0.25. Algorhythm has a 12-month low of $0.14 and a 12-month high of $4.58. The company’s 50 day moving average is $0.31 and its 200-day moving average is $0.66.

Algorhythm (NASDAQ:RIME) last posted its quarterly earnings data on Friday, August 14th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.11. The firm had revenue of $3.00 million for the quarter, compared to analysts’ expectations of $3.00 million. Algorhythm had a negative net margin of 176.39% and a negative return on equity of 1,310.33%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Algorhythm in a research report on Monday, August 17th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Algorhythm Company Profile

Algorhythm Holdings, Inc is a technology and entertainment company focused on music-related products, digital content and artificial intelligence applications. The company operates through businesses that develop consumer entertainment experiences and technology-enabled services.

Its principal operating business is The Singing Machine, a provider of karaoke systems, microphones, accessories and related digital music content. The Singing Machine’s products are distributed through retail and e-commerce channels, primarily in North America and select international markets.

Algorhythm has expanded its focus beyond traditional karaoke hardware to include digital entertainment and AI-driven technology initiatives.