Ridgetech (NASDAQ:RDGT) Shares Pass Below 200-Day Moving Average – Here’s Why

Ridgetech Inc. (NASDAQ:RDGT)’s share price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $141.21 and traded as low as $1.37. Ridgetech shares last traded at $1.58, with a volume of 1,238,103 shares traded.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RDGT. Weiss Ratings downgraded Ridgetech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 2nd. Wall Street Zen raised Ridgetech to a “buy” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has a consensus rating of “Sell”.

Ridgetech Stock Performance

The stock’s 50-day moving average is $1.52 and its 200-day moving average is $137.82.

Insider Buying and Selling at Ridgetech

In other news, major shareholder Financial Lp Hrt sold 57,998 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $1.60, for a total transaction of $92,796.80. Following the transaction, the insider owned 61,753 shares of the company’s stock, valued at $98,804.80. This represents a 48.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 72,615 shares of company stock worth $115,597 in the last quarter. 22.60% of the stock is currently owned by corporate insiders.

About Ridgetech

China Jo-Jo Drugstores, Inc, together with its subsidiaries, operates as a retailer and distributor of pharmaceutical and other healthcare products in the People's Republic of China. The company operates through four segments: Retail Drugstores, Online Pharmacy, Drug Wholesale, and Herb Farming. Its stores provide various pharmaceutical products, including prescription and over-the-counter drugs, nutritional supplements, traditional Chinese medicines (TCM), personal and family care products, and medical devices, as well as convenience products, such as consumable, seasonal, and promotional items.