TOYO (NASDAQ:TOYO) Shares Down 7.2% – What’s Next?

TOYO Co., Ltd. (NASDAQ:TOYO) shares were down 7.2% on Friday . The company traded as low as $14.90 and last traded at $15.05. Approximately 455,553 shares changed hands during mid-day trading, an increase of 159% from the average daily volume of 175,707 shares. The stock had previously closed at $16.21.

Analysts Set New Price Targets

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

TOYO Trading Down 7.2%

The firm’s 50 day simple moving average is $11.44 and its 200 day simple moving average is $8.63. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.31 and a current ratio of 0.68.

TOYO (NASDAQ:TOYO) last posted its quarterly earnings results on Monday, May 18th. The company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.72 by $0.03. The business had revenue of $142.77 million for the quarter, compared to analysts’ expectations of $202.90 million. On average, analysts anticipate that TOYO Co., Ltd. will post 2.37 EPS for the current year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in TOYO stock. Bank of America Corp DE bought a new position in TOYO Co., Ltd. (NASDAQ:TOYO) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 18,366 shares of the company’s stock, valued at approximately $135,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.