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

Ridgetech Inc. (NASDAQ:RDGT) was the target of a large growth in short interest during 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 shares of the company are sold short. Based on an average daily trading volume, of 7,771,135 shares, the short-interest ratio is currently 0.0 days.

Ridgetech Stock Up 3.6%

RDGT traded up $0.04 during trading on Friday, hitting $1.00. The company’s stock had a trading volume of 785,410 shares, compared to its average volume of 1,822,266. Ridgetech has a twelve month low of $0.67 and a twelve month high of $760.50. The business’s fifty day simple moving average is $1.18 and its 200 day simple moving average is $66.98.

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

Insider Activity

In other news, major shareholder Financial Lp Hrt sold 57,998 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $1.60, for a total value of $92,796.80. Following the sale, the insider owned 61,753 shares in the company, valued at $98,804.80. This represents a 48.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 72,615 shares of company stock valued at $115,597. Insiders own 22.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RDGT. Wall Street Zen downgraded Ridgetech from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings raised shares of Ridgetech from a “sell (e+)” rating to a “sell (d)” rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has an average rating of “Sell”.

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.