Singing Machine (NASDAQ:MICS) Stock Price Down 3.3%

Shares of The Singing Machine Company, Inc. (NASDAQ:MICS) were down 3.3% during trading on Thursday . The company 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 company’s fifty day moving average is $0.98 and its two-hundred day moving average is $0.93. The firm has a market cap of $4.05 million, a price-to-earnings 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. increased its stake in shares of The Singing Machine Company, Inc. (NASDAQ:MICS) by 36.4% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 143,720 shares of the company’s stock after acquiring an additional 38,358 shares during the period. Perritt Capital Management Inc. owned approximately 3.41% of Singing Machine worth $145,000 at the end of the most recent reporting period.

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.