Short Interest in Algorhythm Holdings, Inc. (NASDAQ:RIME) Expands By 766.0%

Algorhythm Holdings, Inc. (NASDAQ:RIME) was the target of a significant growth in short interest in January. As of January 15th, there was short interest totaling 649,460 shares, a growth of 766.0% from the December 31st total of 74,999 shares. Based on an average trading volume of 2,884,169 shares, the short-interest ratio is currently 0.2 days. Currently, 24.1% of the shares of the stock are short sold. Currently, 24.1% of the shares of the stock are short sold. Based on an average trading volume of 2,884,169 shares, the short-interest ratio is currently 0.2 days.

Algorhythm Stock Down 5.1%

Shares of NASDAQ:RIME traded down $0.05 during mid-day trading on Tuesday, reaching $0.95. The stock had a trading volume of 174,596 shares, compared to its average volume of 1,897,874. The business’s 50 day moving average price is $1.28 and its 200 day moving average price is $1.93. Algorhythm has a 1 year low of $0.73 and a 1 year high of $6.80. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.53 and a quick ratio of 0.53.

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

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Algorhythm in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.00.

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.