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

Ridgetech Inc. (NASDAQ:RDGT) saw a significant growth in short interest in 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 short sold. Based on an average daily volume of 7,771,135 shares, the short-interest ratio is presently 0.0 days.

Insider Activity

In other Ridgetech news, major shareholder Financial Lp Hrt sold 57,998 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $1.60, for a total value of $92,796.80. Following the completion of the transaction, the insider directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 72,615 shares of company stock worth $115,597. Insiders own 22.60% of the company’s stock.

Analyst Ratings Changes

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

Ridgetech Stock Performance

Shares of RDGT stock traded down $0.07 during trading hours on Thursday, reaching $0.96. 369,952 shares of the company’s stock were exchanged, compared to its average volume of 4,201,296. The stock’s 50 day moving average is $1.18 and its 200-day moving average is $66.98. Ridgetech has a fifty-two week low of $0.67 and a fifty-two week high of $760.50.

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

Ridgetech Company Profile

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.