Short Interest in TOYO Co., Ltd. (NASDAQ:TOYO) Expands By 89.0%

TOYO Co., Ltd. (NASDAQ:TOYO) saw a large growth in short interest in May. As of May 29th, there was short interest totaling 1,132,881 shares, a growth of 89.0% from the May 14th total of 599,491 shares. Approximately 3.0% of the company’s shares are short sold. Based on an average trading volume of 511,384 shares, the days-to-cover ratio is presently 2.2 days.

TOYO Stock Down 5.0%

NASDAQ TOYO traded down $0.68 during mid-day trading on Friday, hitting $12.82. The company’s stock had a trading volume of 756,098 shares, compared to its average volume of 585,329. The company’s 50 day simple moving average is $12.84 and its 200 day simple moving average is $9.22. TOYO has a twelve month low of $3.30 and a twelve 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 firm has a market capitalization of $484.26 million, a price-to-earnings ratio of 17.09 and a beta of 1.31.

TOYO (NASDAQ:TOYO) last posted its quarterly earnings results on Monday, May 18th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. The business had revenue of $142.77 million during the quarter, compared to analyst estimates of $202.90 million. Analysts anticipate that TOYO will post 2.37 earnings per share for the current year.

Hedge Funds Weigh In On TOYO

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

Analyst Upgrades and Downgrades

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

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.