Ridgetech Inc. (NASDAQ:RDGT) Sees Significant Drop in Short Interest

Ridgetech Inc. (NASDAQ:RDGT) saw a large decline in short interest during the month of October. As of October 15th, there was short interest totaling 167,156 shares, a decline of 35.5% from the September 30th total of 259,247 shares. Based on an average daily volume of 70,351 shares, the days-to-cover ratio is currently 2.4 days. Currently, 6.0% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

RDGT has been the subject of a number of research reports. Wall Street Zen lowered shares of Ridgetech from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings raised shares of Ridgetech from a “sell (e+)” rating to a “sell (d)” rating in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat, Ridgetech has an average rating of “Sell”.

Ridgetech Trading Up 1.7%

RDGT traded up $0.01 during trading hours on Tuesday, reaching $0.82. The company’s stock had a trading volume of 10,712 shares, compared to its average volume of 1,476,925. Ridgetech has a fifty-two week low of $0.67 and a fifty-two week high of $760.50. The business’s 50-day moving average is $0.88 and its 200-day moving average is $76.06.

Ridgetech (NASDAQ:RDGT) last posted its earnings results on Saturday, August 1st. The company reported ($7.86) earnings per share (EPS) for the quarter. The business had revenue of $34.68 million during the quarter.

About Ridgetech

China Jo-Jo Drugstores, Inc, together with its subsidiaries, operates as a retailer and distributor of pharmaceutical and other healthcare products in the People's Republic of China. The company operates through four segments: Retail Drugstores, Online Pharmacy, Drug Wholesale, and Herb Farming. Its stores provide various pharmaceutical products, including prescription and over-the-counter drugs, nutritional supplements, traditional Chinese medicines (TCM), personal and family care products, and medical devices, as well as convenience products, such as consumable, seasonal, and promotional items.