TOYO (NASDAQ:TOYO) Stock Price Up 12.9% – Should You Buy?

TOYO Co., Ltd. (NASDAQ:TOYO) shares rose 12.9% during mid-day trading on Tuesday . The company traded as high as $13.39 and last traded at $13.2210. 423,597 shares traded hands during mid-day trading, an increase of 73% from the average session volume of 244,325 shares. The stock had previously closed at $11.71.

Analysts Set New Price Targets

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

TOYO Stock Performance

The company has a current ratio of 0.68, a quick ratio of 0.31 and a debt-to-equity ratio of 0.24. The company has a market cap of $284.29 million, a PE ratio of 9.94 and a beta of 1.31. The business’s 50 day moving average is $13.07 and its two-hundred day moving average is $9.54.

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

Institutional Investors Weigh In On TOYO

A hedge fund recently bought a new position in TOYO stock. Bank of America Corp DE acquired a new position in TOYO Co., Ltd. (NASDAQ:TOYO) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 18,366 shares of the company’s stock, valued at approximately $135,000. 84.61% of the stock is owned by 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.