Algorhythm Holdings, Inc. (NASDAQ:RIME) Short Interest Update

Algorhythm Holdings, Inc. (NASDAQ:RIME) was the recipient of a significant decline in short interest in September. As of September 15th, there was short interest totaling 201,700 shares, a decline of 53.7% from the August 31st total of 435,600 shares. Based on an average daily volume of 258,400 shares, the short-interest ratio is presently 0.8 days. Approximately 9.0% of the company’s stock are sold short. Approximately 9.0% of the company’s stock are sold short. Based on an average daily volume of 258,400 shares, the short-interest ratio is presently 0.8 days.

Algorhythm Price Performance

RIME opened at $2.73 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.53 and a debt-to-equity ratio of 0.23. Algorhythm has a twelve month low of $1.71 and a twelve month high of $156.20. The company’s 50-day moving average price is $2.31 and its two-hundred day moving average price is $2.44.

Algorhythm (NASDAQ:RIME) last released its earnings results on Tuesday, August 19th. The company reported ($0.24) earnings per share for the quarter. The business had revenue of $2.72 million for the quarter.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on RIME shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Algorhythm in a research note on Saturday, September 27th. Wall Street Zen downgraded shares of Algorhythm from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $5.00.

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.