TOYO (NASDAQ:TOYO) Stock Rating Raised to Hold at Zacks Research

TOYO (NASDAQ:TOYO) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks reports.

A number of other research firms have also issued reports on TOYO. Wall Street Zen lowered TOYO from a “strong-buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Roth Capital reaffirmed a “buy” rating on shares of TOYO in a research report on Tuesday, September 1st. Finally, Weiss Ratings cut TOYO from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

TOYO Stock Performance

Shares of TOYO stock opened at $4.47 on Thursday. The company has a quick ratio of 0.58, a current ratio of 1.12 and a debt-to-equity ratio of 0.16. The business has a 50 day moving average of $4.80 and a two-hundred day moving average of $8.61. TOYO has a 52 week low of $4.12 and a 52 week high of $17.43. The company has a market cap of $168.83 million, a P/E ratio of 3.73 and a beta of 1.42.

TOYO (NASDAQ:TOYO) last posted its earnings results on Thursday, August 20th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.07). The firm had revenue of $118.18 million during the quarter, compared to the consensus estimate of $192.57 million. As a group, analysts anticipate that TOYO will post 1.9 EPS for the current year.

Institutional Investors Weigh In On TOYO

A number of hedge funds have recently made changes to their positions in TOYO. WINTON GROUP Ltd bought a new position in TOYO in the 2nd quarter worth approximately $293,000. Engineers Gate Manager LP bought a new stake in TOYO during the 2nd quarter valued at $84,000. Bank of America Corp DE bought a new stake in TOYO during the 1st quarter valued at $135,000. Finally, Renaissance Technologies LLC boosted its position in TOYO by 62.8% during the 1st quarter. Renaissance Technologies LLC now owns 46,000 shares of the company’s stock worth $337,000 after acquiring an additional 17,750 shares during the period. Institutional investors own 84.61% of the company’s stock.

About TOYO

TOYO Co, Ltd. is a solar photovoltaic (PV) manufacturer focused on producing components used in the generation of renewable energy. The company develops and manufactures solar cells and modules, including products based on advanced high-efficiency technologies such as n-type TOPCon cells.

Through its manufacturing and development activities, TOYO serves solar project developers, distributors and other participants in the global PV supply chain. Its business is oriented toward supporting utility-scale, commercial and residential solar installations across international markets, with operations and expansion activities centered on Asia and other strategic regions.

TOYO has positioned itself as a vertically integrated solar manufacturer, seeking to broaden its capabilities across the PV value chain and expand its international production footprint.