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

Ridgetech Inc. (NASDAQ:RDGT) was the recipient of a large increase in short interest during the month of June. As of June 15th, there was short interest totaling 85,468 shares, an increase of 422.5% from the May 31st total of 16,356 shares. Based on an average daily trading volume, of 2,240,831 shares, the short-interest ratio is currently 0.0 days. Approximately 12.3% of the shares of the company are sold short.

Insiders Place Their Bets

In other Ridgetech news, major shareholder Financial Lp Hrt sold 57,998 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $1.60, for a total value of $92,796.80. Following the transaction, the insider directly owned 61,753 shares of the company’s stock, valued at approximately $98,804.80. The trade was a 48.43% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 72,615 shares of company stock valued at $115,597. Company insiders own 22.60% of the company’s stock.

Wall Street Analyst Weigh In

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

Ridgetech Price Performance

RDGT opened at $1.40 on Friday. Ridgetech has a 12 month low of $1.21 and a 12 month high of $760.50. The business has a 50 day simple moving average of $1.60 and a 200-day simple moving average of $204.34.

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.