The Singing Machine Company, Inc. (NASDAQ:MICS) Sees Large Drop in Short Interest

The Singing Machine Company, Inc. (NASDAQ:MICS) saw a large drop in short interest in the month of 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. Based on an average daily trading volume, of 30,300 shares, the days-to-cover ratio is currently 1.5 days. Currently, 6.7% of the company’s shares are short sold.

Institutional Trading of Singing Machine

A hedge fund recently bought a new stake in Singing Machine stock. Cable Car Capital LLC bought a new position in The Singing Machine Company, Inc. (NASDAQ:MICS) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 155,001 shares of the company’s stock, valued at approximately $157,000. Singing Machine comprises approximately 0.2% of Cable Car Capital LLC’s holdings, making the stock its 29th biggest holding. Cable Car Capital LLC owned 3.67% of Singing Machine as of its most recent filing with the SEC.

Singing Machine Trading Down 6.4 %

MICS stock traded down $0.06 during trading on Thursday, reaching $0.91. 1,971 shares of the stock were exchanged, compared to its average volume of 29,901. The firm has a market cap of $3.85 million, a P/E ratio of -0.40 and a beta of -0.02. Singing Machine has a twelve month low of $0.61 and a twelve month high of $2.90. The firm’s 50 day moving average is $0.87 and its 200 day moving average is $0.95.

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.