Ridgetech (NASDAQ:RDGT) Share Price Passes Below 200 Day Moving Average – Time to Sell?

Ridgetech Inc. (NASDAQ:RDGT)’s stock price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $166.99 and traded as low as $1.33. Ridgetech shares last traded at $1.36, with a volume of 187,420 shares changing hands.

Wall Street Analyst Weigh In

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

Ridgetech Stock Down 5.6%

The firm has a fifty day simple moving average of $1.51 and a 200 day simple moving average of $166.99.

Insider Buying and Selling

In related news, major shareholder Financial Lp Hrt sold 57,998 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $1.60, for a total transaction of $92,796.80. Following the completion of the transaction, the insider owned 61,753 shares of the company’s stock, valued at approximately $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 SEC, which is accessible through this hyperlink. Insiders have sold a total of 72,615 shares of company stock worth $115,597 over the last ninety days. Corporate insiders own 22.60% of the company’s stock.

About Ridgetech

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.