Erayak Power Solution Group (NASDAQ:RAYA) Trading Down 5.4% – Here’s What Happened

Erayak Power Solution Group Inc. (NASDAQ:RAYA) shares dropped 5.4% during trading on Monday . The stock traded as low as $2.76 and last traded at $2.81. Approximately 17,547 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 50,224 shares. The stock had previously closed at $2.97.

Analysts Set New Price Targets

Several brokerages have commented on RAYA. Wall Street Zen upgraded Erayak Power Solution Group to a “sell” rating in a research note on Saturday, April 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of Erayak Power Solution Group in a report on Friday, March 27th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, Erayak Power Solution Group has an average rating of “Sell”.

Erayak Power Solution Group Price Performance

The company has a 50 day moving average of $3.73 and a 200-day moving average of $14.54. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.62 and a current ratio of 2.09.

Erayak Power Solution Group (NASDAQ:RAYA) last announced its earnings results on Wednesday, April 29th. The company reported ($13.59) earnings per share for the quarter. The business had revenue of $7.06 million during the quarter.

Institutional Investors Weigh In On Erayak Power Solution Group

A hedge fund recently bought a new stake in Erayak Power Solution Group stock. Barclays PLC purchased a new position in Erayak Power Solution Group Inc. (NASDAQ:RAYA) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 650,000 shares of the company’s stock, valued at approximately $2,658,000. Barclays PLC owned approximately 73.03% of Erayak Power Solution Group at the end of the most recent reporting period. 0.33% of the stock is owned by institutional investors.

Erayak Power Solution Group Company Profile

Erayak Power Solution Group Co, Ltd. is a diversified provider of power electronics products and services, offering a broad portfolio that includes AC/DC power adapters, DC/DC converters, uninterruptible power supplies (UPS), power management modules and charger solutions. Through a combination of proprietary design, engineering services and contract manufacturing, the company supports applications in consumer electronics, industrial automation, telecommunications and renewable energy systems.

The company collaborates closely with OEM and ODM customers to develop customized power solutions that meet specific performance, size and efficiency requirements.