TOYO (NASDAQ:TOYO) Sees Strong Trading Volume – Still a Buy?

Shares of TOYO Co., Ltd. (NASDAQ:TOYO) saw strong trading volume on Monday . 182,162 shares traded hands during trading, a decline of 12% from the previous session’s volume of 206,714 shares.The stock last traded at $15.1480 and had previously closed at $15.76.

Wall Street Analyst Weigh In

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

TOYO Stock Down 13.8%

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 $512.97 million, a PE ratio of 18.19 and a beta of 1.31. The company has a fifty day moving average price of $12.32 and a 200 day moving average price of $9.00.

TOYO (NASDAQ:TOYO) last issued its quarterly earnings data on Monday, May 18th. The company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.72 by $0.03. The business had revenue of $142.77 million for the quarter, compared to analysts’ expectations of $202.90 million. As a group, analysts anticipate that TOYO Co., Ltd. will post 2.37 EPS for the current year.

Institutional Trading of TOYO

A hedge fund recently raised its stake in TOYO stock. Renaissance Technologies LLC increased its position in TOYO Co., Ltd. (NASDAQ:TOYO) by 17.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,250 shares of the company’s stock after buying an additional 4,250 shares during the quarter. Renaissance Technologies LLC owned 0.07% of TOYO worth $166,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 84.61% of the stock is 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.