TOYO (NASDAQ:TOYO) Stock Price Crosses Above 50 Day Moving Average – What’s Next?

Shares of TOYO Co., Ltd. (NASDAQ:TOYO) passed above its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $4.30 and traded as high as $4.73. TOYO shares last traded at $4.70, with a volume of 1,960,421 shares trading hands.

Analysts Set New Price Targets

TOYO has been the topic of several recent research reports. Wall Street Zen lowered shares of TOYO from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 22nd. Roth Capital reiterated a “buy” rating on shares of TOYO in a report on Tuesday, September 1st. HC Wainwright reissued a “buy” rating and issued a $18.00 price objective on shares of TOYO in a research report on Thursday, October 8th. Zacks Research upgraded TOYO from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 24th. Finally, Weiss Ratings upgraded TOYO from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, October 23rd. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $14.00.

TOYO Stock Up 23.0%

The firm has a market cap of $177.52 million, a PE ratio of 3.92 and a beta of 1.42. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.12 and a quick ratio of 0.58. The business has a fifty day moving average price of $4.30 and a two-hundred day moving average price of $7.90.

TOYO (NASDAQ:TOYO) last announced its quarterly earnings data 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. On average, analysts anticipate that TOYO Co., Ltd. will post 1.90 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TOYO. Renaissance Technologies LLC boosted its stake in shares of TOYO by 62.8% during 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. WINTON GROUP Ltd purchased a new position in shares of TOYO during the 2nd quarter valued at $293,000. Bank of America Corp DE purchased a new position in shares of TOYO during the 1st quarter valued at $135,000. Engineers Gate Manager LP acquired a new position in shares of TOYO in the second quarter worth $84,000. Finally, Vontobel Holding Ltd. acquired a new position in shares of TOYO in the third quarter worth $69,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

About TOYO

TOYO Co, Ltd. is a Japan-based solar energy company that develops, manufactures and sells photovoltaic products. Its business is focused on solar cells and modules used in utility-scale, commercial and residential solar power systems.

The company’s product portfolio includes advanced solar cells and related photovoltaic solutions designed to support the conversion of sunlight into electricity. TOYO serves customers and project developers in international markets and is focused on expanding its presence across the global solar supply chain.

TOYO has pursued manufacturing and development opportunities outside Japan, including production and expansion initiatives in overseas markets.