Raytech (NASDAQ:RAY) Shares Up 1.5% – Here’s Why

Shares of Raytech Holding Limited (NASDAQ:RAY) rose 1.5% during trading on Friday . The company traded as high as $2.80 and last traded at $2.75. 50,522 shares traded hands during mid-day trading, an increase of 582% from the average daily volume of 7,412 shares. The stock had previously closed at $2.71.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised shares of Raytech from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, September 4th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Sell”.

Raytech Stock Up 7.6%

The stock has a 50-day moving average price of $2.81 and a 200-day moving average price of $3.21. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.36 and a quick ratio of 2.36.

Raytech (NASDAQ:RAY) last posted its earnings results on Friday, July 31st. The company reported $0.30 earnings per share for the quarter. The business had revenue of $9.50 million for the quarter.

Hedge Funds Weigh In On Raytech

A hedge fund recently bought a new position in Raytech stock. Cetera Investment Advisers bought a new position in shares of Raytech Holding Limited (NASDAQ:RAY) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 23,678 shares of the company’s stock, valued at approximately $82,000. Cetera Investment Advisers owned about 0.87% of Raytech as of its most recent filing with the Securities and Exchange Commission.

About Raytech

Raytech Holding Limited is a manufacturing company that provides precision metal stamping, plastic injection molding and related assembly services. The company develops customized components and manufacturing solutions for use in automotive, electronics and other industrial applications.

Its capabilities include the production of precision metal parts, molded plastic components and assembled products designed to meet customer-specific engineering and quality requirements. Raytech operates primarily as a business-to-business supplier, serving manufacturers that incorporate these components into larger products and systems.

Raytech Holding Limited is organized as a holding company, with operations conducted through its subsidiaries.