TOYO (NASDAQ:TOYO) Hits New 1-Year High – Should You Buy?

TOYO Co., Ltd. (NASDAQ:TOYO)’s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $13.33 and last traded at $13.4770, with a volume of 101438 shares changing hands. The stock had previously closed at $12.55.

Analysts Set New Price Targets

Several equities research analysts have recently commented on TOYO shares. HC Wainwright started coverage on shares of TOYO in a report on Thursday, January 15th. They issued a “buy” rating and a $18.00 price target for the company. Weiss Ratings restated a “hold (c)” rating on shares of TOYO in a report on Wednesday, January 21st. Zacks Research upgraded shares of TOYO to a “hold” rating in a report on Friday, January 16th. Wall Street Zen upgraded shares of TOYO from a “hold” rating to a “strong-buy” rating in a report on Saturday, April 4th. Finally, Roth Mkm initiated coverage on shares of TOYO in a research report on Thursday, April 2nd. They issued a “buy” rating and a $15.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.50.

TOYO Trading Up 2.2%

The business’s 50-day moving average price is $8.74 and its 200-day moving average price is $7.45. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.58 and a quick ratio of 0.31.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in TOYO stock. Renaissance Technologies LLC lifted its position in TOYO Co., Ltd. (NASDAQ:TOYO) by 17.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 approximately 0.07% of TOYO worth $166,000 as of its most recent SEC filing. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.