TOYO (NASDAQ:TOYO) Lowered to Strong Sell Rating by Zacks Research

TOYO (NASDAQ:TOYO) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

Several other research firms have also recently issued reports on TOYO. Weiss Ratings raised shares of TOYO from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 4th. 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 for the company. Finally, Wall Street Zen raised shares of TOYO from a “hold” rating to a “strong-buy” rating in a report on Saturday, April 4th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $16.50.

TOYO Trading Down 3.1%

NASDAQ:TOYO opened at $6.95 on Monday. TOYO has a 12-month low of $3.39 and a 12-month high of $17.43. The company has a current ratio of 0.68, a quick ratio of 0.31 and a debt-to-equity ratio of 0.24. The stock’s 50 day simple moving average is $12.67 and its 200-day simple moving average is $9.55. The firm has a market cap of $262.50 million, a P/E ratio of 9.27 and a beta of 1.31.

TOYO (NASDAQ:TOYO) last issued its quarterly earnings results on Monday, May 18th. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.03. The company had revenue of $142.77 million for the quarter, compared to analyst estimates of $202.90 million. Equities analysts anticipate that TOYO will post 2.23 EPS for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its position in TOYO stock. Renaissance Technologies LLC boosted its stake in TOYO Co., Ltd. (NASDAQ:TOYO) by 17.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,250 shares of the company’s stock after buying an additional 4,250 shares during the quarter. Renaissance Technologies LLC owned approximately 0.07% of TOYO worth $166,000 as of its most recent filing with the SEC. 84.61% of the stock is currently owned by institutional investors.

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.