Ridgetech Inc. (NASDAQ:RDGT) Sees Significant Decline in Short Interest

Ridgetech Inc. (NASDAQ:RDGT) saw a significant decline in short interest in the month of October. As of October 15th, there was short interest totaling 167,156 shares, a decline of 35.5% from the September 30th total of 259,247 shares. Based on an average daily trading volume, of 70,351 shares, the days-to-cover ratio is currently 2.4 days. Currently, 6.0% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

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

Ridgetech Stock Performance

Shares of NASDAQ:RDGT opened at $0.80 on Monday. Ridgetech has a 12 month low of $0.67 and a 12 month high of $760.50. The firm has a 50 day moving average of $0.88 and a 200-day moving average of $78.14.

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

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.