TOYO (NASDAQ:TOYO) Sees Unusually-High Trading Volume After Strong Earnings

TOYO Co., Ltd. (NASDAQ:TOYO) saw unusually-strong trading volume on Monday following a better than expected earnings announcement. Approximately 127,962 shares changed hands during trading, a decline of 13% from the previous session’s volume of 146,248 shares.The stock last traded at $13.76 and had previously closed at $12.67.

The company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TOYO. Weiss Ratings upgraded TOYO from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. Wall Street Zen raised shares of TOYO from a “hold” rating to a “strong-buy” rating in a report on Saturday, April 4th. Finally, Roth Mkm began coverage on shares of TOYO in a report on Thursday, April 2nd. They issued a “buy” rating and a $15.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.50.

Hedge Funds Weigh In On TOYO

An institutional investor recently raised its position in TOYO stock. Renaissance Technologies LLC raised its holdings in shares of TOYO Co., Ltd. (NASDAQ:TOYO) by 62.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,000 shares of the company’s stock after acquiring an additional 17,750 shares during the quarter. Renaissance Technologies LLC owned approximately 0.12% of TOYO worth $337,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

TOYO Trading Up 7.6%

The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.31 and a current ratio of 0.58. The stock has a fifty day moving average price of $10.21 and a 200 day moving average price of $8.14.

About TOYO

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.