Erayak Power Solution Group Inc. (NASDAQ:RAYA) Sees Significant Decrease in Short Interest

Erayak Power Solution Group Inc. (NASDAQ:RAYA) was the target of a large drop in short interest in July. As of July 31st, there was short interest totaling 11,416 shares, a drop of 44.9% from the July 15th total of 20,728 shares. Currently, 2.4% of the company’s stock are sold short. Based on an average daily volume of 11,271 shares, the days-to-cover ratio is currently 1.0 days.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Erayak Power Solution Group in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Erayak Power Solution Group has an average rating of “Sell”.

Erayak Power Solution Group Trading Up 1.7%

RAYA stock traded up $0.04 during midday trading on Tuesday, hitting $2.36. 10,123 shares of the company traded hands, compared to its average volume of 374,971. Erayak Power Solution Group has a twelve month low of $2.00 and a twelve month high of $180.84. The company has a current ratio of 2.09, a quick ratio of 1.62 and a debt-to-equity ratio of 0.10. The business has a 50 day simple moving average of $2.73 and a 200-day simple moving average of $5.02.

Erayak Power Solution Group (NASDAQ:RAYA) last issued its quarterly earnings data on Wednesday, April 29th. The company reported ($13.59) earnings per share for the quarter. The firm 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. Barclays PLC acquired a new position in Erayak Power Solution Group Inc. (NASDAQ:RAYA) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 650,000 shares of the company’s stock, valued at approximately $2,658,000. Barclays PLC owned 73.03% of Erayak Power Solution Group as of its most recent filing with the Securities and Exchange Commission (SEC). 0.33% of the stock is owned by institutional investors and hedge funds.

About Erayak Power Solution Group

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.