The Singing Machine Company, Inc. (NASDAQ:MICS) Short Interest Update

The Singing Machine Company, Inc. (NASDAQ:MICS) was the target of a significant drop in short interest in March. As of March 15th, there was short interest totalling 46,300 shares, a drop of 59.8% from the February 29th total of 115,300 shares. Approximately 6.7% of the shares of the stock are short sold. Based on an average trading volume of 30,300 shares, the days-to-cover ratio is presently 1.5 days.

Singing Machine Trading Down 6.4 %

MICS stock traded down $0.06 during midday trading on Thursday, reaching $0.91. The stock had a trading volume of 1,971 shares, compared to its average volume of 29,901. Singing Machine has a 52-week low of $0.61 and a 52-week high of $2.90. The company has a market cap of $3.85 million, a price-to-earnings ratio of -0.40 and a beta of -0.02. The company’s fifty day simple moving average is $0.87 and its 200 day simple moving average is $0.95.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Singing Machine stock. Perritt Capital Management Inc. grew its stake in The Singing Machine Company, Inc. (NASDAQ:MICS) by 36.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 143,720 shares of the company’s stock after acquiring an additional 38,358 shares during the period. Perritt Capital Management Inc. owned about 3.41% of Singing Machine worth $145,000 as of its most recent filing with the SEC.

Singing Machine Company Profile

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.