Short Interest in Ridgetech Inc. (NASDAQ:RDGT) Drops By 61.3%

Ridgetech Inc. (NASDAQ:RDGT) was the target of a significant drop in short interest in June. As of June 30th, there was short interest totaling 33,105 shares, a drop of 61.3% from the June 15th total of 85,468 shares. Currently, 4.8% of the shares of the stock are sold short. Based on an average daily volume of 9,861,444 shares, the short-interest ratio is presently 0.0 days.

Analysts Set New Price Targets

A number of brokerages have recently commented on RDGT. Weiss Ratings cut Ridgetech from a “sell (d-)” rating to a “sell (e+)” rating in a research note 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 MarketBeat.com, Ridgetech presently has a consensus rating of “Sell”.

Ridgetech Trading Down 4.1%

NASDAQ RDGT traded down $0.07 during trading on Wednesday, hitting $1.54. The stock had a trading volume of 118,333 shares, compared to its average volume of 1,347,460. Ridgetech has a 12 month low of $1.18 and a 12 month high of $760.50. The company’s 50-day moving average price is $1.52 and its two-hundred day moving average price is $155.68.

Insider Buying and Selling at Ridgetech

In other news, major shareholder Financial Lp Hrt bought 30,939 shares of the stock in a transaction dated Tuesday, June 30th. The stock was bought at an average cost of $1.52 per share, with a total value of $47,027.28. Following the purchase, the insider owned 90,302 shares of the company’s stock, valued at approximately $137,259.04. This represents a 52.12% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 72,615 shares of company stock valued at $115,597 over the last three months. Company insiders own 22.60% of the company’s stock.

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.