Algorhythm (NASDAQ:RIME) Trading 14.9% Higher – Here’s Why

Algorhythm Holdings, Inc. (NASDAQ:RIME) rose 14.9% during mid-day trading on Friday . The stock traded as high as $0.12 and last traded at $0.11. Approximately 85,793,461 shares traded hands during mid-day trading, an increase of 56% from the average daily volume of 54,882,629 shares. The stock had previously closed at $0.10.

Algorhythm Stock Performance

The firm has a 50 day moving average price of $0.19. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.43 and a current ratio of 0.87.

Insider Activity

In other Algorhythm news, major shareholder Milton C. Ault III sold 365,100 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $0.73, for a total value of $266,523.00. Following the completion of the sale, the insider now owns 945,000 shares in the company, valued at approximately $689,850. This represents a 27.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 9.40% of the company’s stock.

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.