TOYO (NASDAQ:TOYO) Stock Keeps “Buy” Rating at HC Wainwright

TOYO (NASDAQ:TOYO)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a report issued on Thursday, Marketbeat.com reports. They currently have a $18.00 price objective on the stock. HC Wainwright’s price target indicates a potential upside of 315.22% from the stock’s previous close.

TOYO has been the topic of several other reports. Roth Capital reaffirmed a “buy” rating on shares of TOYO in a report on Tuesday, September 1st. Weiss Ratings downgraded TOYO from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. Zacks Research upgraded shares of TOYO from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 24th. Finally, Wall Street Zen cut shares of TOYO from a “strong-buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $14.00.

TOYO Trading Down 0.3%

Shares of TOYO stock opened at $4.34 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.58 and a current ratio of 1.12. The firm has a 50-day moving average of $4.71 and a 200-day moving average of $8.39. TOYO has a 52-week low of $4.12 and a 52-week high of $17.43. The stock has a market cap of $163.73 million, a PE ratio of 3.61 and a beta of 1.42.

TOYO (NASDAQ:TOYO) last released its quarterly earnings results on Thursday, August 20th. The company reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.07). The company had revenue of $118.18 million for the quarter, compared to analyst estimates of $192.57 million. As a group, sell-side analysts forecast that TOYO will post 1.9 EPS for the current year.

Hedge Funds Weigh In On TOYO

A number of institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC raised its holdings in TOYO by 62.8% in the first quarter. Renaissance Technologies LLC now owns 46,000 shares of the company’s stock worth $337,000 after purchasing an additional 17,750 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in TOYO during the 2nd quarter valued at $293,000. Bank of America Corp DE bought a new position in TOYO during the 1st quarter valued at about $135,000. Finally, Engineers Gate Manager LP bought a new stake in shares of TOYO in the second quarter worth $84,000. 84.61% of the stock is owned by 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.