The Singing Machine Company, Inc. (NASDAQ:MICS) Major Shareholder Bitnile Holdings, Inc. Purchases 22,035 Shares of Stock

The Singing Machine Company, Inc. (NASDAQ:MICS – Get Rating) major shareholder Bitnile Holdings, Inc. acquired 22,035 shares of the company’s stock in a transaction dated Wednesday, June 15th. The shares were bought at an average cost of $6.16 per share, with a total value of $135,735.60. Following the purchase, the insider now owns 1,502,482 shares in the company, valued at $9,255,289.12. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Bitnile Holdings, Inc. also recently made the following trade(s):

• On Monday, June 13th, Bitnile Holdings, Inc. purchased 120,000 shares of Singing Machine stock. The stock was bought at an average price of $6.01 per share, for a total transaction of $721,200.00.
• On Thursday, June 9th, Bitnile Holdings, Inc. acquired 352,400 shares of Singing Machine stock. The shares were purchased at an average price of $3.96 per share, with a total value of $1,395,504.00.

MICS stock opened at $6.85 on Friday. The Singing Machine Company, Inc. has a 1 year low of $2.39 and a 1 year high of $8.20.

Separately, TheStreet lowered Singing Machine from a “c-” rating to a “d+” rating in a research note on Wednesday, June 1st.

Singing Machine Company Profile (Get Rating)

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, Europe, Asia, and Australia. It offers karaoke products under the flagship brand Singing Machine; licensed karaoke microphone products under the Carpool Karaoke brand; microphone 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 Singing Machine hardware.

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