TOYO Co., Ltd. (NASDAQ:TOYO) Sees Significant Growth in Short Interest

TOYO Co., Ltd. (NASDAQ:TOYO) was the target of a significant increase in short interest in May. As of May 29th, there was short interest totaling 1,132,881 shares, an increase of 89.0% from the May 14th total of 599,491 shares. Based on an average trading volume of 511,384 shares, the short-interest ratio is presently 2.2 days. Currently, 3.0% of the company’s stock are short sold.

TOYO Trading Down 0.6%

Shares of TOYO opened at $12.32 on Tuesday. The stock’s 50-day moving average price is $12.90 and its 200 day moving average price is $9.28. The company has a quick ratio of 0.31, a current ratio of 0.68 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $465.40 million, a price-to-earnings ratio of 15.99 and a beta of 1.31. TOYO has a 12-month low of $3.30 and a 12-month high of $17.43.

TOYO (NASDAQ:TOYO) last announced its quarterly earnings results on Monday, May 18th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. The business had revenue of $142.77 million during the quarter, compared to the consensus estimate of $202.90 million. As a group, research analysts predict that TOYO will post 2.37 earnings per share for the current year.

Analysts Set New Price Targets

TOYO has been the subject of several research reports. Roth Mkm assumed coverage on TOYO in a report on Thursday, April 2nd. They set a “buy” rating and a $15.00 price target for the company. Weiss Ratings upgraded shares of TOYO from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 4th. Finally, Wall Street Zen raised TOYO from a “hold” rating to a “strong-buy” rating in a research note on Saturday, April 4th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.50.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in TOYO stock. Bank of America Corp DE purchased a new stake in shares of TOYO Co., Ltd. (NASDAQ:TOYO) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,366 shares of the company’s stock, valued at approximately $135,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.