TOYO (NASDAQ:TOYO) Stock Price Down 3.9% – Here’s Why

Shares of TOYO Co., Ltd. (NASDAQ:TOYO) were down 3.9% during trading on Tuesday . The stock traded as low as $4.41 and last traded at $4.63. Approximately 695,208 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 732,908 shares. The stock had previously closed at $4.82.

Analyst Ratings Changes

A number of analysts have recently weighed in on TOYO shares. Weiss Ratings raised shares of TOYO from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 4th. Roth Capital initiated coverage on shares of TOYO in a research report on Thursday, April 2nd. They set a “buy” rating and a $15.00 price target on the stock. Wall Street Zen raised shares of TOYO from a “hold” rating to a “strong-buy” rating in a research note on Saturday, April 4th. Finally, Zacks Research downgraded shares of TOYO from a “hold” rating to a “strong sell” rating in a research report on Monday, June 29th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.50.

TOYO Trading Down 3.9%

The firm has a 50-day moving average of $10.02 and a two-hundred day moving average of $9.49. The firm has a market capitalization of $174.88 million, a P/E ratio of 6.17 and a beta of 1.42. The company has a current ratio of 0.68, a quick ratio of 0.31 and a debt-to-equity ratio of 0.24.

TOYO (NASDAQ:TOYO) last released its earnings results on Monday, May 18th. The company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $142.77 million during the quarter, compared to the consensus estimate of $202.90 million. On average, analysts anticipate that TOYO Co., Ltd. will post 2.3 EPS for the current year.

Institutional Investors Weigh In On TOYO

An institutional investor recently bought a new stake in TOYO stock. Bank of America Corp DE purchased a new stake in shares of TOYO Co., Ltd. (NASDAQ:TOYO) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 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.