Erayak Power Solution Group (NASDAQ:RAYA) Shares Down 7.6% – Here’s Why

Erayak Power Solution Group Inc. (NASDAQ:RAYA) dropped 7.6% on Monday . The company traded as low as $1.22 and last traded at $1.33. Approximately 434,702 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 2,564,209 shares. The stock had previously closed at $1.44.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Erayak Power Solution Group in a report on Monday, December 29th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Erayak Power Solution Group Price Performance

The business’s 50 day moving average price is $3.54 and its 200 day moving average price is $12.76. The company has a quick ratio of 1.61, a current ratio of 2.14 and a debt-to-equity ratio of 0.23.

Erayak Power Solution Group (NASDAQ:RAYA) last issued its earnings results on Tuesday, December 2nd. The company reported ($1.12) earnings per share (EPS) for the quarter. The company had revenue of $4.37 million for the quarter.

Institutional Trading of Erayak Power Solution Group

An institutional investor recently bought a new position in Erayak Power Solution Group stock. Barclays PLC acquired a new stake in shares of Erayak Power Solution Group Inc. (NASDAQ:RAYA) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 650,000 shares of the company’s stock, valued at approximately $2,658,000. Barclays PLC owned about 73.03% of Erayak Power Solution Group as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 0.33% of the company’s stock.

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.