Algorhythm Holdings, Inc. (NASDAQ:RIME) Shares Shorted: Short Interest Up 70.4% in September

Algorhythm Holdings, Inc. (NASDAQ:RIME) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 712,394 shares, an increase of 70.4% from the September 15th total of 417,949 shares. Currently, 4.2% of the company’s stock are short sold. Based on an average daily volume of 2,623,412 shares, the days-to-cover ratio is presently 0.3 days.

Algorhythm Price Performance

RIME traded down $0.01 during trading on Friday, reaching $0.12. 3,100,185 shares of the stock traded hands, compared to its average volume of 3,189,014. The stock has a market cap of $2.02 million, a price-to-earnings ratio of -0.08 and a beta of -0.10. Algorhythm has a fifty-two week low of $0.11 and a fifty-two week high of $4.58. The stock’s 50-day simple moving average is $0.23 and its two-hundred day simple moving average is $0.56.

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Algorhythm in a research note on Monday, August 17th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company 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.