Singing Machine (NASDAQ:MICS) Trading Down 7.4%

The Singing Machine Company, Inc. (NASDAQ:MICS) shares dropped 7.4% on Friday . The stock traded as low as $0.50 and last traded at $0.51. Approximately 121,614 shares traded hands during trading, a decline of 52% from the average daily volume of 255,673 shares. The stock had previously closed at $0.55.

Singing Machine Trading Down 7.4 %

The firm’s fifty day moving average price is $0.58 and its two-hundred day moving average price is $0.92.

Singing Machine (NASDAQ:MICS) last released its quarterly earnings data on Monday, August 19th. The company reported ($0.95) earnings per share for the quarter. The firm had revenue of $2.44 million for the quarter.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Singing Machine stock. Cable Car Capital LLC acquired a new stake in shares of The Singing Machine Company, Inc. (NASDAQ:MICS) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 155,001 shares of the company’s stock, valued at approximately $157,000. Singing Machine comprises approximately 0.2% of Cable Car Capital LLC’s investment portfolio, making the stock its 29th largest position. Cable Car Capital LLC owned approximately 3.67% of Singing Machine as of its most recent filing with the Securities & Exchange Commission.

About Singing Machine

The Singing Machine Company, 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; 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.