TOYO (NASDAQ:TOYO) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of TOYO (NASDAQ:TOYO) from a strong sell rating to a hold rating in a report issued on Thursday morning,Zacks reports.

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

TOYO Stock Performance

Shares of TOYO stock opened at $4.47 on Thursday. TOYO has a one year low of $4.12 and a one year high of $17.43. The company has a market cap of $168.83 million, a price-to-earnings ratio of 3.73 and a beta of 1.42. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.58 and a current ratio of 1.12. The business’s 50 day moving average price is $4.80 and its 200 day moving average price is $8.61.

TOYO (NASDAQ:TOYO) last released its quarterly earnings data on Thursday, August 20th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.07). The business had revenue of $118.18 million during the quarter, compared to the consensus estimate of $192.57 million. On average, research analysts predict that TOYO will post 1.9 EPS for the current year.

Hedge Funds Weigh In On TOYO

A number of hedge funds have recently modified their holdings of TOYO. Engineers Gate Manager LP acquired a new stake in shares of TOYO during the 2nd quarter worth about $84,000. Renaissance Technologies LLC lifted its position in TOYO by 62.8% in the first quarter. Renaissance Technologies LLC now owns 46,000 shares of the company’s stock valued at $337,000 after buying an additional 17,750 shares during the last quarter. Bank of America Corp DE acquired a new position in TOYO in the first quarter valued at about $135,000. Finally, WINTON GROUP Ltd purchased a new position in TOYO during the second quarter worth about $293,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.