Erayak Power Solution Group (NASDAQ:RAYA) Shares Up 2.7% – Here’s Why

Erayak Power Solution Group Inc. (NASDAQ:RAYA) shot up 2.7% on Monday . The company traded as high as $2.70 and last traded at $2.69. Approximately 9,135 shares traded hands during trading, a decline of 85% from the average daily volume of 62,495 shares. The stock had previously closed at $2.62.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RAYA. Weiss Ratings restated a “sell (e+)” rating on shares of Erayak Power Solution Group in a research report on Wednesday, June 24th. Wall Street Zen upgraded shares of Erayak Power Solution Group to a “sell” rating in a research report on Saturday, April 18th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

Erayak Power Solution Group Stock Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 2.09 and a quick ratio of 1.62. The business’s 50-day moving average is $3.09 and its 200 day moving average is $9.10.

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

Institutional Investors Weigh In On Erayak Power Solution Group

A hedge fund recently bought a new position in Erayak Power Solution Group stock. SmartHarvest Portfolios LLC bought a new stake in shares of Erayak Power Solution Group Inc. (NASDAQ:RAYA) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 16,957 shares of the company’s stock, valued at approximately $64,000. SmartHarvest Portfolios LLC owned 1.91% of Erayak Power Solution Group at the end of the most recent reporting period. 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.