Algorhythm Holdings, Inc. (NASDAQ:RIME) Short Interest Down 46.1% in March

Algorhythm Holdings, Inc. (NASDAQ:RIME) was the recipient of a significant drop in short interest in March. As of March 31st, there was short interest totaling 833,801 shares, a drop of 46.1% from the March 15th total of 1,546,109 shares. Approximately 30.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 672,535 shares, the short-interest ratio is presently 1.2 days.

Algorhythm Trading Down 3.7%

Algorhythm stock traded down $0.04 during midday trading on Tuesday, reaching $1.04. The stock had a trading volume of 519,896 shares, compared to its average volume of 766,869. The firm’s fifty day simple moving average is $1.51 and its two-hundred day simple moving average is $1.59. Algorhythm has a twelve month low of $0.73 and a twelve month high of $4.58. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.55 and a quick ratio of 0.55. The firm has a market cap of $15.24 million, a price-to-earnings ratio of -0.19 and a beta of -0.18.

Analyst Ratings Changes

RIME has been the subject of a number of recent analyst reports. Wall Street Zen raised shares of Algorhythm to a “sell” rating in a research note on Saturday, February 14th. Zacks Research raised shares of Algorhythm to a “hold” rating in a research note on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target 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.