Algorhythm (NASDAQ:RIME) Announces Quarterly Earnings Results

Algorhythm (NASDAQ:RIME) announced its earnings results on Wednesday. The company reported ($0.72) EPS for the quarter, Zacks reports.

Algorhythm Stock Down 23.2%

NASDAQ:RIME traded down $0.46 during mid-day trading on Wednesday, hitting $1.52. The stock had a trading volume of 6,465,863 shares, compared to its average volume of 309,233. The stock has a 50-day simple moving average of $2.25 and a two-hundred day simple moving average of $2.39. The company has a market capitalization of $4.02 million, a PE ratio of 0.07 and a beta of -0.03. Algorhythm has a twelve month low of $1.36 and a twelve month high of $67.72. The company has a current ratio of 0.82, a quick ratio of 0.53 and a debt-to-equity ratio of 0.23.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wall Street Zen cut shares of Algorhythm from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Algorhythm in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Algorhythm presently has an average rating of “Moderate Buy” and an average price target 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.