Raytech (RAY) Soars to New High, but Gives up Gains on Profit-Taking

We recently published 10 Stocks Losing Big. Raytech Holding Ltd. (NASDAQ:RAY) is one of the worst performers of Tuesday.

Raytech Holding fell by 18.53 percent on Tuesday to finish at $2.55 apiece as investors resorted to early profit-taking after soaring to a new record high at intra-day trading.

During the morning session, Raytech Holding Ltd. (NASDAQ:RAY) soared to as high as $3.68, marking a 17-percent jump from its closing price of $3.13 on Monday, before erasing all gains toward the close.

The rally was short-lived as investors remained cautious amid claims from The Bear Cave, a stock commentator that claimed that Raytech Holding Ltd.’s (NASDAQ:RAY) shares were being manipulated by overseas stock manipulation groups.

It said that the company’s stock was at risk of a near-term, severe collapse.

“The Bear Cave believes that stock is likely controlled, at least in part, by coordinated stock manipulation groups that began dumping sizable amounts of stock,” said commentator Edwin Dorsey.

He noted a crowdsourced platform exposing stock manipulation WhatsApp groups, which claimed to have 14 submissions on Raytech stock promotion.

Another Reddit community exposing US-listed China stock manipulation scams was also said to have issued recent warnings about the company.

Raytech Holding Ltd. (NASDAQ:RAY) has not commented on The Bear Cave’s claims.

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