Raytech (NASDAQ:RAY) Trading Down 20% – Time to Sell?

Shares of Raytech Holding Limited (NASDAQ:RAY) traded down 20% on Thursday . The stock traded as low as $2.44 and last traded at $2.44. 13,370 shares changed hands during mid-day trading, an increase of 132% from the average daily volume of 5,765 shares. The stock had previously closed at $3.05.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded Raytech from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, June 17th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Raytech Stock Performance

The firm’s 50 day moving average is $3.12 and its 200 day moving average is $3.51.

Hedge Funds Weigh In On Raytech

Several institutional investors and hedge funds have recently bought and sold shares of RAY. Marex Group plc acquired a new position in shares of Raytech during the second quarter worth $60,000. Virtu Financial LLC boosted its position in shares of Raytech by 631.7% in the 3rd quarter. Virtu Financial LLC now owns 85,408 shares of the company’s stock worth $42,000 after purchasing an additional 73,735 shares in the last quarter. Finally, Cetera Investment Advisers acquired a new stake in shares of Raytech in the 1st quarter worth $82,000.

About Raytech

Raytech Holding Limited company specializes in design, sourcing and wholesale of personal care electrical appliances for international brand owners. Raytech Holding Limited is based in Hong Kong.