Algorhythm Holdings, Inc. (NASDAQ:RIME) Stock Short Interest Report for September

Algorhythm Holdings, Inc. (NASDAQ:RIME) was the target of a large growth in short interest in the month of 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. Based on an average trading volume of 2,623,412 shares, the short-interest ratio is presently 0.3 days. Approximately 4.2% of the shares of the company are short sold.

Algorhythm Stock Down 10.5%

RIME traded down $0.01 on Friday, hitting $0.12. The company’s stock had a trading volume of 3,100,185 shares, compared to its average volume of 3,331,494. The company’s 50 day simple moving average is $0.23 and its 200-day simple moving average is $0.56. The firm has a market cap of $2.02 million, a P/E ratio of -0.08 and a beta of -0.10. Algorhythm has a 12 month low of $0.11 and a 12 month high of $4.58.

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

Analyst Upgrades and Downgrades

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

About Algorhythm

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.