HC Wainwright Reaffirms Buy Rating for TOYO (NASDAQ:TOYO)

TOYO (NASDAQ:TOYO)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a research report issued on Thursday, Marketbeat reports. They presently have a $18.00 target price on the stock. HC Wainwright’s price objective would indicate a potential upside of 317.63% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Roth Capital reaffirmed a “buy” rating on shares of TOYO in a research report on Tuesday, September 1st. Wall Street Zen downgraded TOYO from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 22nd. Weiss Ratings downgraded TOYO from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, July 30th. Finally, Zacks Research upgraded TOYO from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 24th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, TOYO currently has an average rating of “Hold” and a consensus price target of $14.00.

TOYO Trading Down 1.4%

TOYO traded down $0.06 during mid-day trading on Thursday, hitting $4.31. 228,010 shares of the stock were exchanged, compared to its average volume of 463,046. The firm’s fifty day moving average is $4.68 and its two-hundred day moving average is $8.34. TOYO has a 1-year low of $4.12 and a 1-year high of $17.43. The company has a current ratio of 1.12, a quick ratio of 0.58 and a debt-to-equity ratio of 0.16. The company has a market cap of $162.79 million, a PE ratio of 3.59 and a beta of 1.42.

TOYO (NASDAQ:TOYO) last posted its earnings results on Thursday, August 20th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.07). The company had revenue of $118.18 million during the quarter, compared to analysts’ expectations of $192.57 million. Equities analysts forecast that TOYO will post 1.90 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of TOYO. WINTON GROUP Ltd purchased a new position in shares of TOYO in the 2nd quarter valued at approximately $293,000. Engineers Gate Manager LP acquired a new stake in shares of TOYO in the 2nd quarter valued at approximately $84,000. Bank of America Corp DE acquired a new stake in shares of TOYO in the 1st quarter valued at approximately $135,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of TOYO by 62.8% in the 1st quarter. Renaissance Technologies LLC now owns 46,000 shares of the company’s stock valued at $337,000 after buying an additional 17,750 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

About TOYO

TOYO Co, Ltd. (NASDAQ: TOYO) is a solar technology and renewable-energy company focused on the manufacture and supply of photovoltaic products. Through its operating subsidiaries, the company develops and produces solar cells and modules used in utility-scale, commercial, and residential solar-power systems.

TOYO’s product portfolio includes high-efficiency solar cells and photovoltaic modules, with an emphasis on advanced technologies such as N-type TOPCon cells. The company has also pursued international manufacturing and expansion opportunities as it works to serve the growing global demand for solar-energy equipment.

TOYO is headquartered in Japan and has reported operations and development activities connected with solar manufacturing in international markets, including Vietnam and Ethiopia.