TOYO’s (TOYO) Buy Rating Reaffirmed at HC Wainwright

TOYO (NASDAQ:TOYO)‘s stock had its “buy” rating reiterated by equities researchers 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 price objective points to a potential upside of 313.79% from the stock’s previous close.

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

TOYO Stock Down 2.9%

TOYO stock opened at $4.35 on Thursday. The company has a market cap of $164.30 million, a price-to-earnings ratio of 3.62 and a beta of 1.42. TOYO has a twelve month low of $4.12 and a twelve month high of $17.43. The business has a 50 day moving average price of $4.71 and a two-hundred day moving average price of $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.

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 analysts’ consensus estimates of $0.52 by ($0.07). The firm had revenue of $118.18 million during the quarter, compared to the consensus estimate of $192.57 million. Analysts anticipate that TOYO will post 1.9 EPS for the current fiscal year.

Institutional Investors Weigh In On TOYO

Hedge funds have recently added to or reduced their stakes in the business. WINTON GROUP Ltd bought a new position in TOYO during the second quarter worth $293,000. Engineers Gate Manager LP acquired a new position in shares of TOYO in the second quarter valued at $84,000. Bank of America Corp DE bought a new position in shares of TOYO in the first quarter valued at about $135,000. Finally, Renaissance Technologies LLC lifted 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 worth $337,000 after buying an additional 17,750 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.