Algorhythm Holdings, Inc. (NASDAQ:RIME) Short Interest Down 37.8% in January

Algorhythm Holdings, Inc. (NASDAQ:RIME) was the recipient of a significant decline in short interest during the month of January. As of January 30th, there was short interest totaling 404,242 shares, a decline of 37.8% from the January 15th total of 649,460 shares. Currently, 15.0% of the company’s stock are sold short. Based on an average trading volume of 865,037 shares, the days-to-cover ratio is presently 0.5 days. Based on an average trading volume of 865,037 shares, the days-to-cover ratio is presently 0.5 days. Currently, 15.0% of the company’s stock are sold short.

Algorhythm Stock Performance

NASDAQ:RIME opened at $1.38 on Friday. The stock has a market capitalization of $3.76 million, a P/E ratio of -0.24 and a beta of -0.17. Algorhythm has a 1 year low of $0.73 and a 1 year high of $3.57. The firm has a 50 day moving average of $1.15 and a 200-day moving average of $1.80. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 2.50.

Algorhythm (NASDAQ:RIME) last announced its quarterly earnings data on Wednesday, November 19th. The company reported ($0.72) earnings per share for the quarter. The business had revenue of $1.74 million during the quarter.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised Algorhythm to a “hold” rating in a research report on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $5.00.

Algorhythm Company Profile

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.