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

The Singing Machine Company, Inc. (NASDAQ:MICS) was the recipient of 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 daily volume of 494,300 shares, the days-to-cover ratio is currently 0.2 days. Approximately 10.1% of the shares of the stock are sold short.

Institutional Investors Weigh In On Singing Machine

A hedge fund recently bought a new stake in Singing Machine stock. Cable Car Capital LLC acquired a new position in The Singing Machine Company, Inc. (NASDAQ:MICS) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 155,001 shares of the company’s stock, valued at approximately $157,000. Singing Machine comprises about 0.2% of Cable Car Capital LLC’s investment portfolio, making the stock its 29th largest holding. Cable Car Capital LLC owned approximately 3.67% of Singing Machine as of its most recent filing with the Securities & Exchange Commission.

Singing Machine Stock Up 0.6 %

MICS traded up $0.01 on Thursday, hitting $1.00. 94,839 shares of the company’s stock traded hands, compared to its average volume of 260,180. Singing Machine has a one year low of $0.61 and a one year high of $2.49. The company’s 50 day simple moving average is $1.24 and its 200-day simple moving average is $1.02.

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