Ridgetech Inc. (NASDAQ:RDGT) Short Interest Up 422.5% in June

Ridgetech Inc. (NASDAQ:RDGT) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totaling 85,468 shares, a growth of 422.5% from the May 31st total of 16,356 shares. Based on an average daily trading volume, of 2,240,831 shares, the short-interest ratio is presently 0.0 days. Approximately 12.3% of the shares of the company are short sold.

Ridgetech Stock Performance

RDGT traded down $0.10 during trading on Friday, hitting $1.40. 374,327 shares of the company’s stock traded hands, compared to its average volume of 6,373,858. The company’s 50 day simple moving average is $1.60 and its two-hundred day simple moving average is $201.56. Ridgetech has a 12-month low of $1.21 and a 12-month high of $760.50.

Insider Activity at Ridgetech

In other news, major shareholder Financial Lp Hrt sold 57,998 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $1.60, for a total transaction of $92,796.80. Following the completion of the transaction, the insider owned 61,753 shares in the company, valued at approximately $98,804.80. This represents a 48.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 72,615 shares of company stock worth $115,597. 22.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Weiss Ratings lowered Ridgetech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 2nd. Wall Street Zen upgraded shares of Ridgetech to a “buy” rating in a report on Saturday, May 9th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has a consensus rating of “Sell”.

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.