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

Algorhythm Holdings, Inc. (NASDAQ:RIME) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totaling 712,394 shares, a growth of 70.4% from the September 15th total of 417,949 shares. Approximately 4.2% of the company’s stock are short sold. Based on an average daily volume of 2,623,412 shares, the days-to-cover ratio is currently 0.3 days.

Wall Street Analyst Weigh In

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

Algorhythm Trading Up 3.1%

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

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

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.