TOYO (NASDAQ:TOYO) Stock Rating Reaffirmed as “Buy” by HC Wainwright

TOYO (NASDAQ:TOYO)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $18.00 price target on the stock. HC Wainwright’s target price would indicate a potential upside of 313.79% from the stock’s current price.

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

TOYO Price Performance

TOYO stock opened at $4.35 on Thursday. TOYO has a 52-week low of $4.12 and a 52-week high of $17.43. The stock’s fifty day simple moving average is $4.71 and its 200-day simple moving average is $8.39. The company has a quick ratio of 0.58, a current ratio of 1.12 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $164.30 million, a price-to-earnings ratio of 3.63 and a beta of 1.42.

TOYO (NASDAQ:TOYO) last posted 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 firm had revenue of $118.18 million during the quarter, compared to analyst estimates of $192.57 million. Equities research analysts expect that TOYO will post 1.9 EPS for the current year.

Institutional Trading of TOYO

Several large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its holdings in TOYO by 62.8% in the 1st quarter. Renaissance Technologies LLC now owns 46,000 shares of the company’s stock valued at $337,000 after purchasing an additional 17,750 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of TOYO during the second quarter worth $293,000. Bank of America Corp DE acquired a new position in shares of TOYO during the first quarter worth $135,000. Finally, Engineers Gate Manager LP acquired a new position in shares of TOYO during the second quarter worth $84,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

TOYO Company Profile

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.