TOYO (NASDAQ:TOYO) Sees Large Volume Increase After Strong Earnings

TOYO Co., Ltd. (NASDAQ:TOYO) saw unusually-strong trading volume on Monday following a better than expected earnings announcement. Approximately 127,962 shares traded hands during mid-day trading, a decline of 13% from the previous session’s volume of 146,248 shares.The stock last traded at $13.76 and had previously closed at $12.67.

The company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03.

Analyst Ratings Changes

TOYO has been the subject of a number of research reports. Roth Mkm assumed coverage on shares of TOYO in a research note on Thursday, April 2nd. They set a “buy” rating and a $15.00 target price for the company. Wall Street Zen raised TOYO from a “hold” rating to a “strong-buy” rating in a research report on Saturday, April 4th. Finally, Weiss Ratings raised TOYO from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 4th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.50.

Institutional Inflows and Outflows

An institutional investor recently raised its position in TOYO stock. Renaissance Technologies LLC boosted its stake in shares of TOYO Co., Ltd. (NASDAQ:TOYO) by 62.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 46,000 shares of the company’s stock after acquiring an additional 17,750 shares during the period. Renaissance Technologies LLC owned 0.12% of TOYO worth $337,000 at the end of the most recent quarter. Institutional investors own 84.61% of the company’s stock.

TOYO Stock Up 7.6%

The company has a debt-to-equity ratio of 0.31, a current ratio of 0.58 and a quick ratio of 0.31. The business has a 50-day moving average of $10.21 and a 200-day moving average of $8.14.

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.