TOYO (NASDAQ:TOYO) Raised to Hold at Zacks Research

TOYO (NASDAQ:TOYO) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Thursday, Zacks reports.

Several other equities research analysts have also recently commented on TOYO. Roth Capital reiterated a “buy” rating on shares of TOYO in a research report on Tuesday, September 1st. Weiss Ratings lowered shares of TOYO from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. Finally, Wall Street Zen cut shares of TOYO from a “strong-buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.00.

TOYO Stock Up 2.8%

Shares of TOYO stock opened at $4.47 on Thursday. TOYO has a 1 year low of $4.12 and a 1 year high of $17.43. The stock has a market cap of $168.83 million, a PE ratio of 3.73 and a beta of 1.42. The business’s fifty day moving average is $4.80 and its 200-day moving average is $8.61. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.58 and a current ratio of 1.12.

TOYO (NASDAQ:TOYO) last announced its quarterly earnings data on Thursday, August 20th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.07). The firm had revenue of $118.18 million during the quarter, compared to analyst estimates of $192.57 million. Equities analysts expect that TOYO will post 1.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TOYO

Large investors have recently made changes to their positions in the company. WINTON GROUP Ltd purchased a new stake in shares of TOYO in the 2nd quarter valued at approximately $293,000. Bank of America Corp DE purchased a new position in TOYO during the 1st quarter worth approximately $135,000. Renaissance Technologies LLC grew its position in TOYO by 62.8% during the 1st quarter. Renaissance Technologies LLC now owns 46,000 shares of the company’s stock worth $337,000 after purchasing an additional 17,750 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in TOYO during the 2nd quarter valued at $84,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

TOYO Company Profile

TOYO Co, Ltd. is a solar photovoltaic (PV) manufacturer focused on producing components used in the generation of renewable energy. The company develops and manufactures solar cells and modules, including products based on advanced high-efficiency technologies such as n-type TOPCon cells.

Through its manufacturing and development activities, TOYO serves solar project developers, distributors and other participants in the global PV supply chain. Its business is oriented toward supporting utility-scale, commercial and residential solar installations across international markets, with operations and expansion activities centered on Asia and other strategic regions.

TOYO has positioned itself as a vertically integrated solar manufacturer, seeking to broaden its capabilities across the PV value chain and expand its international production footprint.