Algorhythm (NASDAQ:RIME) Earns Buy Rating from Analysts at Litchfield Hills Research

Investment analysts at Litchfield Hills Research assumed coverage on shares of Algorhythm (NASDAQ:RIME) in a report issued on Wednesday,Benzinga reports. The brokerage set a “buy” rating and a $5.00 price target on the stock. Litchfield Hills Research’s price target indicates a potential upside of 51.98% from the stock’s previous close.

Algorhythm Trading Up 17.9%

RIME opened at $3.29 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.43 and a current ratio of 0.87. Algorhythm has a 12 month low of $1.71 and a 12 month high of $157.22. The company has a fifty day simple moving average of $2.46 and a 200 day simple moving average of $10.49.

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.