Short Interest in Algorhythm Holdings, Inc. (NASDAQ:RIME) Rises By 34.2%

Algorhythm Holdings, Inc. (NASDAQ:RIME) was the recipient of a large growth in short interest in the month of December. As of December 15th, there was short interest totaling 213,407 shares, a growth of 34.2% from the November 30th total of 159,032 shares. Based on an average trading volume of 320,990 shares, the days-to-cover ratio is presently 0.7 days. Currently, 7.9% of the company’s stock are sold short. Currently, 7.9% of the company’s stock are sold short. Based on an average trading volume of 320,990 shares, the days-to-cover ratio is presently 0.7 days.

Wall Street Analysts Forecast Growth

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

Algorhythm Stock Performance

NASDAQ RIME remained flat at $1.01 during trading on Wednesday. 38,755 shares of the company’s stock were exchanged, compared to its average volume of 296,375. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 2.50. The company has a market capitalization of $2.75 million, a PE ratio of -0.18 and a beta of -0.21. Algorhythm has a 1 year low of $0.94 and a 1 year high of $67.72. The stock has a fifty day simple moving average of $1.71 and a 200-day simple moving average of $2.14.

Algorhythm (NASDAQ:RIME) last announced its quarterly earnings results on Wednesday, November 19th. The company reported ($0.72) EPS for the quarter. The firm had revenue of $1.74 million for the quarter.

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.