Singing Machine (NASDAQ:MICS) Shares Down 3.3%

The Singing Machine Company, Inc. (NASDAQ:MICS) shares dropped 3.3% during trading on Thursday . The stock traded as low as $0.99 and last traded at $1.04. Approximately 9,085 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 26,653 shares. The stock had previously closed at $1.07.

Singing Machine Stock Performance

The business has a 50 day moving average of $0.98 and a two-hundred day moving average of $0.93. The stock has a market capitalization of $4.05 million, a PE ratio of -0.42 and a beta of -0.03.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Singing Machine stock. Perritt Capital Management Inc. raised its holdings in shares of The Singing Machine Company, Inc. (NASDAQ:MICS) by 36.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 143,720 shares of the company’s stock after purchasing an additional 38,358 shares during the period. Perritt Capital Management Inc. owned 3.41% of Singing Machine worth $145,000 at the end of the most recent quarter.

About Singing Machine

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.