TOYO (NASDAQ:TOYO) Shares Gap Up – Here’s Why

TOYO Co., Ltd. (NASDAQ:TOYO)’s share price gapped up before the market opened on Monday . The stock had previously closed at $11.25, but opened at $12.09. TOYO shares last traded at $13.4150, with a volume of 304,866 shares trading hands.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Roth Mkm assumed coverage on shares of TOYO in a research report on Thursday, April 2nd. They set a “buy” rating and a $15.00 target price for the company. Wall Street Zen raised shares of TOYO from a “hold” rating to a “strong-buy” rating in a research report on Saturday, April 4th. Zacks Research raised shares of TOYO to a “hold” rating in a research report on Friday, January 16th. HC Wainwright assumed coverage on shares of TOYO in a research report on Thursday, January 15th. They set a “buy” rating and a $18.00 target price for the company. Finally, Weiss Ratings raised shares of TOYO from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 4th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $16.50.

TOYO Stock Up 19.6%

The company’s fifty day simple moving average is $9.69 and its 200 day simple moving average is $7.93. The company has a quick ratio of 0.31, a current ratio of 0.58 and a debt-to-equity ratio of 0.31.

TOYO (NASDAQ:TOYO) last announced its quarterly earnings results on Wednesday, April 1st. The company reported $0.52 EPS for the quarter. The firm had revenue of $144.14 million during the quarter. On average, equities analysts expect that TOYO Co., Ltd. will post 2.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TOYO

An institutional investor recently raised its position in TOYO stock. Renaissance Technologies LLC increased its holdings in TOYO Co., Ltd. (NASDAQ:TOYO) by 17.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,250 shares of the company’s stock after purchasing an additional 4,250 shares during the quarter. Renaissance Technologies LLC owned 0.07% of TOYO worth $166,000 as of its most recent filing with the Securities & Exchange Commission. 84.61% of the stock is owned by hedge funds and other institutional investors.

TOYO Company Profile

TOYO Co Ltd. engages in the design, manufacture, and sale of solar cells and modules. It is involved in integrating the upstream production of wafer and silicon, midstream production of solar cell, downstream production of photovoltaic (PV) modules, and potentially other stages of the solar power supply chain. The company was founded on November 8, 2022 and is headquartered in Tokyo, Japan.