Litchfield Hills Research Upgrades Algorhythm (NASDAQ:RIME) to Strong-Buy

Algorhythm (NASDAQ:RIME) was upgraded by investment analysts at Litchfield Hills Research to a “strong-buy” rating in a research note issued on Wednesday, MarketBeat reports. The firm presently has a $5.00 price objective on the stock. Litchfield Hills Research’s price objective points to a potential upside of 74.22% from the company’s current price.

Algorhythm Trading Down 12.8%

Shares of RIME stock opened at $2.87 on Wednesday. Algorhythm has a 1 year low of $1.71 and a 1 year high of $157.22. The company has a quick ratio of 0.43, a current ratio of 0.87 and a debt-to-equity ratio of 0.14. The firm’s fifty day simple moving average is $2.47 and its 200 day simple moving average is $10.44.

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.