Algorhythm (NASDAQ:RIME) Shares Up 14.9% – Here’s What Happened

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

Algorhythm Price Performance

The company has a current ratio of 0.87, a quick ratio of 0.43 and a debt-to-equity ratio of 0.14. The stock has a fifty day moving average of $0.20.

Insider Activity

In related news, major shareholder Milton C. Ault III sold 365,100 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $0.73, for a total transaction of $266,523.00. Following the completion of the transaction, the insider now directly owns 945,000 shares in the company, valued at $689,850. The trade was a 27.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 9.40% of the company’s stock.

Algorhythm Company Profile

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.