Algorhythm (NASDAQ:RIME) Trading 4.2% Higher – What’s Next?

Algorhythm Holdings, Inc. (NASDAQ:RIME)’s stock price traded up 4.2% during mid-day trading on Tuesday . The company traded as high as $0.53 and last traded at $0.4851. 137,535 shares were traded during trading, a decline of 43% from the average daily volume of 239,425 shares. The stock had previously closed at $0.4654.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RIME. Weiss Ratings reiterated a “sell (e+)” rating on shares of Algorhythm in a research note on Wednesday, May 20th. Wall Street Zen raised Algorhythm from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce”.

Algorhythm Stock Performance

The stock has a market cap of $7.60 million, a P/E ratio of -0.33 and a beta of -0.26. The stock’s fifty day simple moving average is $0.64 and its 200-day simple moving average is $1.04.

Algorhythm (NASDAQ:RIME) last announced its earnings results on Wednesday, April 1st. The company reported ($1.97) earnings per share (EPS) for the quarter. The business had revenue of $1.37 million for the quarter. As a group, equities research analysts forecast that Algorhythm Holdings, Inc. will post -1.55 earnings per share for the current year.

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.