Algorhythm (NASDAQ:RIME) Posts Quarterly Earnings Results, Beats Expectations By $0.21 EPS

Algorhythm (NASDAQ:RIME) posted its quarterly earnings data on Friday. The company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($0.73) by $0.21, FiscalAI reports. The company had revenue of $2.40 million for the quarter, compared to analyst estimates of $2.00 million.

Algorhythm Stock Down 8.2%

Shares of NASDAQ RIME opened at $0.66 on Friday. The company has a 50 day simple moving average of $1.13 and a 200-day simple moving average of $1.38. The company has a market capitalization of $9.68 million, a P/E ratio of -0.12 and a beta of -0.21. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.55 and a quick ratio of 0.55. Algorhythm has a 1 year low of $0.54 and a 1 year high of $4.58.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on RIME shares. Zacks Research raised Algorhythm to a “hold” rating in a research note on Tuesday, January 27th. Wall Street Zen raised Algorhythm from a “sell” rating to a “hold” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average 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.