Erayak Power Solution Group Inc. (NASDAQ:RAYA) Short Interest Down 83.8% in August

Erayak Power Solution Group Inc. (NASDAQ:RAYA) saw a large drop in short interest in the month of August. As of August 14th, there was short interest totaling 1,846 shares, a drop of 83.8% from the July 30th total of 11,416 shares. Currently, 0.4% of the company’s stock are short sold. Based on an average daily volume of 67,804 shares, the days-to-cover ratio is presently 0.0 days.

Hedge Funds Weigh In On Erayak Power Solution Group

An institutional investor recently bought a new position in Erayak Power Solution Group stock. SmartHarvest Portfolios LLC acquired a new stake in shares of Erayak Power Solution Group Inc. (NASDAQ:RAYA) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 16,957 shares of the company’s stock, valued at approximately $64,000. SmartHarvest Portfolios LLC owned about 1.91% of Erayak Power Solution Group as of its most recent SEC filing. 0.33% of the stock is currently owned by hedge funds and other institutional investors.

Erayak Power Solution Group Price Performance

Shares of NASDAQ:RAYA traded up $0.01 during midday trading on Wednesday, hitting $2.27. The company had a trading volume of 2,403 shares, compared to its average volume of 361,385. The company has a fifty day moving average of $2.61 and a two-hundred day moving average of $4.56. The company has a current ratio of 2.09, a quick ratio of 1.62 and a debt-to-equity ratio of 0.10. Erayak Power Solution Group has a 12-month low of $2.00 and a 12-month high of $180.84.

Erayak Power Solution Group (NASDAQ:RAYA) last posted 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 during the quarter.

Analysts Set New Price Targets

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

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.