Short Interest in The Singing Machine Company, Inc. (NASDAQ:MICS) Drops By 61.1%

The Singing Machine Company, Inc. (NASDAQ:MICS) saw a significant drop in short interest in June. As of June 30th, there was short interest totalling 77,100 shares, a drop of 61.1% from the June 15th total of 198,400 shares. Based on an average trading volume of 494,300 shares, the days-to-cover ratio is currently 0.2 days. Currently, 10.1% of the company’s stock are sold short.

Institutional Trading of Singing Machine

A hedge fund recently bought a new stake in Singing Machine stock. Cable Car Capital LLC acquired a new stake in shares of The Singing Machine Company, Inc. (NASDAQ:MICS) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 155,001 shares of the company’s stock, valued at approximately $157,000. Singing Machine accounts for 0.2% of Cable Car Capital LLC’s portfolio, making the stock its 29th biggest position. Cable Car Capital LLC owned about 3.67% of Singing Machine at the end of the most recent reporting period.

Singing Machine Trading Up 0.6 %

NASDAQ MICS traded up $0.01 during trading hours on Thursday, reaching $1.00. 94,839 shares of the company traded hands, compared to its average volume of 260,180. Singing Machine has a 12 month low of $0.61 and a 12 month high of $2.49. The company has a 50 day moving average of $1.24 and a two-hundred day moving average of $1.02.

Singing Machine (NASDAQ:MICS) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.37) EPS for the quarter. The firm had revenue of $2.43 million for the quarter.

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.