Ridgetech Inc. (NASDAQ:RDGT) Sees Large Decrease in Short Interest

Ridgetech Inc. (NASDAQ:RDGT) was the recipient of a significant decline in short interest in the month of June. As of June 30th, there was short interest totaling 33,105 shares, a decline of 61.3% from the June 15th total of 85,468 shares. Currently, 4.8% of the company’s shares are short sold. Based on an average daily volume of 9,861,444 shares, the short-interest ratio is currently 0.0 days.

Insider Transactions at Ridgetech

In related news, major shareholder Financial Lp Hrt sold 57,998 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $1.60, for a total value of $92,796.80. Following the transaction, the insider owned 61,753 shares of the company’s stock, valued at $98,804.80. This represents a 48.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 72,615 shares of company stock valued at $115,597 over the last quarter. 22.60% of the stock is owned by corporate insiders.

Ridgetech Price Performance

NASDAQ:RDGT traded up $0.06 during mid-day trading on Tuesday, hitting $1.59. The company’s stock had a trading volume of 356,700 shares, compared to its average volume of 1,356,739. The business’s fifty day moving average is $1.52 and its two-hundred day moving average is $159.63. Ridgetech has a 1 year low of $1.18 and a 1 year high of $760.50.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wall Street Zen upgraded Ridgetech to a “buy” rating in a research note on Saturday, May 9th. Weiss Ratings lowered Ridgetech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, Ridgetech currently has an average rating of “Sell”.

Ridgetech Company Profile

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.