TOYO (NASDAQ:TOYO) Trading 12.9% Higher – Here’s What Happened

Shares of TOYO Co., Ltd. (NASDAQ:TOYO) rose 12.9% during trading on Tuesday . The company traded as high as $13.39 and last traded at $13.2210. 423,597 shares changed hands during trading, an increase of 73% from the average daily volume of 244,325 shares. The stock had previously closed at $11.71.

Analyst Ratings Changes

TOYO has been the subject of a number of recent research reports. Weiss Ratings upgraded shares of TOYO from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. Roth Mkm initiated coverage on TOYO in a research report on Thursday, April 2nd. They set a “buy” rating and a $15.00 target price on the stock. Finally, Wall Street Zen upgraded 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 issued a Hold rating to the company. According to data from MarketBeat, TOYO presently has a consensus rating of “Moderate Buy” and an average target price of $16.50.

TOYO Trading Up 12.7%

The firm’s 50 day moving average is $13.12 and its 200 day moving average is $9.48. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.68 and a quick ratio of 0.31. The company has a market cap of $498.62 million, a PE ratio of 17.60 and a beta of 1.31.

TOYO (NASDAQ:TOYO) last posted its earnings results on Monday, May 18th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.03. The firm had revenue of $142.77 million during the quarter, compared to analysts’ expectations of $202.90 million. On average, equities analysts anticipate that TOYO Co., Ltd. will post 2.37 earnings per share for the current year.

Institutional Trading of TOYO

A hedge fund recently bought a new stake in TOYO stock. Bank of America Corp DE acquired a new position in shares of TOYO Co., Ltd. (NASDAQ:TOYO) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 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.

TOYO Company Profile

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.