Algorhythm Holdings, Inc. (NASDAQ:RIME) Sees Significant Growth in Short Interest

Algorhythm Holdings, Inc. (NASDAQ:RIME) saw a large increase in short interest in the month of September. As of September 30th, there was short interest totaling 712,394 shares, an increase of 70.4% from the September 15th total of 417,949 shares. Based on an average trading volume of 2,623,412 shares, the days-to-cover ratio is presently 0.3 days. Approximately 4.2% of the shares of the company are short sold.

Algorhythm Price Performance

NASDAQ:RIME traded up $0.00 during mid-day trading on Thursday, hitting $0.13. The company’s stock had a trading volume of 1,833,170 shares, compared to its average volume of 3,177,106. The business’s fifty day moving average is $0.25 and its two-hundred day moving average is $0.57. The stock has a market cap of $2.23 million, a price-to-earnings ratio of -0.09 and a beta of -0.10. Algorhythm has a 1 year low of $0.12 and a 1 year high of $4.58.

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

Analyst Ratings Changes

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

Algorhythm Company Profile

Algorhythm Holdings, Inc is a technology and consumer products company formerly known as The Singing Machine Company, Inc The company operates The Singing Machine brand, which develops and markets karaoke products for home and personal entertainment.

The Singing Machine product portfolio includes karaoke systems, microphones, accessories and related digital entertainment offerings. Its products are sold through retail, e-commerce and other distribution channels in the United States and international markets.

Algorhythm has also expanded beyond consumer karaoke through its investment in technology businesses, including SemiCab, an artificial-intelligence logistics platform designed to help shippers and carriers improve transportation planning and freight efficiency.