Short Interest in Ridgetech Inc. (NASDAQ:RDGT) Increases By 329.3%

Ridgetech Inc. (NASDAQ:RDGT) was the target of a significant growth in short interest in the month of August. As of August 14th, there was short interest totaling 312,033 shares, a growth of 329.3% from the July 30th total of 72,692 shares. Currently, 11.1% of the company’s stock are sold short. Based on an average daily volume of 7,771,135 shares, the days-to-cover ratio is presently 0.0 days.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Wall Street Zen lowered Ridgetech from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Weiss Ratings raised Ridgetech from a “sell (e+)” rating to a “sell (d)” rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Ridgetech presently has an average rating of “Sell”.

Insiders Place Their Bets

In other news, major shareholder Financial Lp Hrt purchased 30,939 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The shares were purchased at an average price of $1.52 per share, with a total value of $47,027.28. Following the purchase, the insider directly owned 90,302 shares of the company’s stock, valued at approximately $137,259.04. This represents a 52.12% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have sold 72,615 shares of company stock worth $115,597. 22.60% of the stock is currently owned by company insiders.

Ridgetech Stock Performance

Shares of RDGT stock traded up $0.01 during trading hours on Wednesday, hitting $0.83. 65,994 shares of the company were exchanged, compared to its average volume of 1,807,902. Ridgetech has a one year low of $0.67 and a one year high of $760.50. The business’s 50-day simple moving average is $1.20 and its two-hundred day simple moving average is $70.09.

Ridgetech (NASDAQ:RDGT) last announced its quarterly earnings data on Saturday, August 1st. The company reported ($7.86) earnings per share for the quarter. The company had revenue of $34.68 million during the quarter.

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.