TOYO (NASDAQ:TOYO) Shares Gap Up – Here’s Why

TOYO Co., Ltd. (NASDAQ:TOYO) shares gapped up prior to trading on Monday . The stock had previously closed at $11.25, but opened at $12.09. TOYO shares last traded at $13.4150, with a volume of 304,866 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Zacks Research upgraded shares of TOYO to a “hold” rating in a report on Friday, January 16th. Weiss Ratings upgraded shares of TOYO from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 4th. Wall Street Zen upgraded shares of TOYO from a “hold” rating to a “strong-buy” rating in a report on Saturday, April 4th. HC Wainwright initiated coverage on shares of TOYO in a report on Thursday, January 15th. They issued a “buy” rating and a $18.00 target price on the stock. Finally, Roth Mkm initiated coverage on shares of TOYO in a research note on Thursday, April 2nd. They issued a “buy” rating and a $15.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $16.50.

TOYO Stock Up 19.6%

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 company’s 50 day simple moving average is $9.69 and its 200 day simple moving average is $7.93.

TOYO (NASDAQ:TOYO) last posted its quarterly earnings data on Wednesday, April 1st. The company reported $0.52 EPS for the quarter. The firm had revenue of $144.14 million during the quarter. Equities analysts forecast that TOYO Co., Ltd. will post 2.37 earnings per share for the current year.

Institutional Investors Weigh In On TOYO

A hedge fund recently raised its stake in TOYO stock. Renaissance Technologies LLC raised its position in TOYO Co., Ltd. (NASDAQ:TOYO) by 17.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 28,250 shares of the company’s stock after buying an additional 4,250 shares during the period. Renaissance Technologies LLC owned 0.07% of TOYO worth $166,000 as of its most recent filing with the SEC. 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.