Short Interest in Algorhythm Holdings, Inc. (NASDAQ:RIME) Declines By 37.8%

Algorhythm Holdings, Inc. (NASDAQ:RIME) was the target of a significant decline in short interest in 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 shares of the stock are sold short. Based on an average trading volume of 865,037 shares, the days-to-cover ratio is currently 0.5 days. Based on an average trading volume of 865,037 shares, the days-to-cover ratio is currently 0.5 days. Currently, 15.0% of the shares of the stock are sold short.

Algorhythm Stock Performance

Shares of RIME stock opened at $1.38 on Friday. The company has a market capitalization of $3.76 million, a price-to-earnings 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 company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 2.50. The stock’s fifty day simple moving average is $1.15 and its 200-day simple moving average is $1.80.

Algorhythm (NASDAQ:RIME) last posted its quarterly earnings results on Wednesday, November 19th. The company reported ($0.72) EPS for the quarter. The company had revenue of $1.74 million for the quarter.

Analysts Set New Price Targets

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