Algorhythm Holdings, Inc. (NASDAQ:RIME) Short Interest Update

Algorhythm Holdings, Inc. (NASDAQ:RIME) was the recipient of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totaling 833,801 shares, a decrease of 46.1% from the March 15th total of 1,546,109 shares. Currently, 30.9% of the company’s stock are short sold. Based on an average daily volume of 672,535 shares, the days-to-cover ratio is presently 1.2 days.

Algorhythm Stock Performance

Algorhythm stock traded down $0.02 during mid-day trading on Wednesday, reaching $1.03. The company’s stock had a trading volume of 463,552 shares, compared to its average volume of 6,712,365. The company has a debt-to-equity ratio of 2.50, a quick ratio of 0.55 and a current ratio of 0.55. Algorhythm has a 12-month low of $0.73 and a 12-month high of $4.58. The company has a market capitalization of $15.02 million, a P/E ratio of -0.18 and a beta of -0.18. The firm’s fifty day moving average price is $1.51 and its two-hundred day moving average price is $1.59.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wall Street Zen upgraded Algorhythm to a “sell” rating in a research note on Saturday, February 14th. Zacks Research upgraded 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 issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.00.

About Algorhythm

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.