Short Interest in Algorhythm Holdings, Inc. (NASDAQ:RIME) Expands By 766.0%

Algorhythm Holdings, Inc. (NASDAQ:RIME) saw a large growth in short interest during the month of January. As of January 15th, there was short interest totaling 649,460 shares, a growth of 766.0% from the December 31st total of 74,999 shares. Currently, 24.1% of the shares of the company are sold short. Based on an average trading volume of 2,884,169 shares, the short-interest ratio is currently 0.2 days. Based on an average trading volume of 2,884,169 shares, the short-interest ratio is currently 0.2 days. Currently, 24.1% of the shares of the company are sold short.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Algorhythm in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Algorhythm currently has an average rating of “Moderate Buy” and an average price target of $5.00.

Algorhythm Price Performance

RIME traded down $0.05 during mid-day trading on Tuesday, hitting $0.95. 174,596 shares of the stock were exchanged, compared to its average volume of 1,897,874. The firm’s fifty day moving average is $1.28 and its two-hundred day moving average is $1.93. Algorhythm has a 1-year low of $0.73 and a 1-year high of $6.80. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.53 and a quick ratio of 0.53.

Algorhythm (NASDAQ:RIME) last issued its quarterly earnings results on Wednesday, November 19th. The company reported ($0.72) earnings per share (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.