TOYO (NASDAQ:TOYO) Stock Price Crosses Above 50 Day Moving Average – What’s Next?

Shares of TOYO Co., Ltd. (NASDAQ:TOYO) passed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $4.30 and traded as high as $4.73. TOYO shares last traded at $4.70, with a volume of 1,960,421 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TOYO shares. Zacks Research upgraded TOYO from a “strong sell” rating to a “hold” rating in a report on Thursday, September 24th. Wall Street Zen downgraded TOYO from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 22nd. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price objective on shares of TOYO in a research report on Thursday, October 8th. Weiss Ratings upgraded shares of TOYO from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, October 23rd. Finally, Roth Capital reiterated a “buy” rating on shares of TOYO in a research note on Tuesday, September 1st. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

TOYO Stock Up 23.0%

The business has a 50-day simple moving average of $4.30 and a two-hundred day simple moving average of $7.90. The company has a market cap of $177.52 million, a price-to-earnings ratio of 3.92 and a beta of 1.42. The company has a quick ratio of 0.58, a current ratio of 1.12 and a debt-to-equity ratio of 0.16.

TOYO (NASDAQ:TOYO) last issued its quarterly earnings data on Thursday, August 20th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates 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. As a group, equities analysts forecast that TOYO Co., Ltd. will post 1.90 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TOYO

Institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC lifted its stake in shares of TOYO by 62.8% in the first quarter. Renaissance Technologies LLC now owns 46,000 shares of the company’s stock worth $337,000 after buying an additional 17,750 shares during the last quarter. WINTON GROUP Ltd acquired a new position in TOYO in the 2nd quarter valued at $293,000. Bank of America Corp DE bought a new position in TOYO in the 1st quarter worth $135,000. Vontobel Holding Ltd. bought a new position in TOYO in the 3rd quarter worth $69,000. Finally, Engineers Gate Manager LP bought a new position in TOYO in the 2nd quarter worth $84,000. Institutional investors own 84.61% of the company’s stock.

TOYO Company Profile

TOYO Co, Ltd. is a Japan-based solar energy company that develops, manufactures and sells photovoltaic products. Its business is focused on solar cells and modules used in utility-scale, commercial and residential solar power systems.

The company’s product portfolio includes advanced solar cells and related photovoltaic solutions designed to support the conversion of sunlight into electricity. TOYO serves customers and project developers in international markets and is focused on expanding its presence across the global solar supply chain.

TOYO has pursued manufacturing and development opportunities outside Japan, including production and expansion initiatives in overseas markets.