TOYO (NASDAQ:TOYO) Downgraded by Wall Street Zen to Hold

Wall Street Zen downgraded shares of TOYO (NASDAQ:TOYO) from a strong-buy rating to a hold rating in a research report sent to investors on Saturday morning.

Other equities analysts have also recently issued research reports about the stock. Weiss Ratings cut shares of TOYO from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. Zacks Research raised TOYO from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 28th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.50.

TOYO Stock Performance

Shares of TOYO stock opened at $4.82 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.12 and a quick ratio of 0.31. The firm has a 50-day moving average of $6.65 and a 200-day moving average of $9.30. TOYO has a one year low of $4.26 and a one year high of $17.43. The company has a market cap of $182.05 million, a P/E ratio of 6.43 and a beta of 1.45.

TOYO (NASDAQ:TOYO) last released its quarterly earnings results on Wednesday, August 19th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.07). The company had revenue of $118.18 million for the quarter, compared to analyst estimates of $192.57 million. Equities research analysts forecast that TOYO will post 1.98 EPS for the current fiscal year.

Institutional Trading of TOYO

A hedge fund 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 first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 18,366 shares of the company’s stock, valued at approximately $135,000. Institutional investors 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.