TOYO (NASDAQ:TOYO) Trading 12.9% Higher – Here’s What Happened

TOYO Co., Ltd. (NASDAQ:TOYO)’s share price was up 12.9% during mid-day trading on Tuesday . The stock traded as high as $13.39 and last traded at $13.2210. Approximately 423,597 shares were traded during trading, an increase of 73% from the average daily volume of 244,325 shares. The stock had previously closed at $11.71.

Analyst Ratings Changes

TOYO has been the topic of a number of research analyst reports. Roth Mkm initiated 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. Weiss Ratings upgraded shares of TOYO from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 4th. Finally, Wall Street Zen raised TOYO from a “hold” rating to a “strong-buy” rating in a research note on Saturday, April 4th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, TOYO currently has a consensus rating of “Moderate Buy” and an average target price of $16.50.

TOYO Price Performance

The company has a quick ratio of 0.31, a current ratio of 0.68 and a debt-to-equity ratio of 0.24. The business’s 50-day simple moving average is $13.12 and its 200 day simple moving average is $9.48. The firm has a market capitalization of $498.62 million, a P/E ratio of 17.60 and a beta of 1.31.

TOYO (NASDAQ:TOYO) last announced its quarterly earnings data on Monday, May 18th. The company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $142.77 million during the quarter, compared to the consensus estimate of $202.90 million. Sell-side analysts forecast that TOYO Co., Ltd. will post 2.37 earnings per share for the current year.

Institutional Inflows and Outflows

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