Short Interest in TOYO Co., Ltd. (NASDAQ:TOYO) Expands By 89.0%

TOYO Co., Ltd. (NASDAQ:TOYO) was the recipient of a large growth in short interest during the month of May. As of May 29th, there was short interest totaling 1,132,881 shares, a growth of 89.0% from the May 14th total of 599,491 shares. Currently, 3.0% of the company’s stock are sold short. Based on an average trading volume of 511,384 shares, the days-to-cover ratio is presently 2.2 days.

Institutional Investors Weigh In On TOYO

An institutional investor recently bought a new position in TOYO stock. Bank of America Corp DE bought a new position in shares of TOYO Co., Ltd. (NASDAQ:TOYO) during the first quarter, according to its most recent filing with the SEC. The fund bought 18,366 shares of the company’s stock, valued at approximately $135,000. 84.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TOYO has been the topic of a number of analyst reports. Roth Mkm initiated coverage on shares of TOYO in a report on Thursday, April 2nd. They set a “buy” rating and a $15.00 price objective on the stock. Wall Street Zen raised shares of TOYO from a “hold” rating to a “strong-buy” rating in a report on Saturday, April 4th. Finally, Weiss Ratings raised shares of TOYO from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 4th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $16.50.

TOYO Stock Performance

Shares of NASDAQ TOYO traded down $0.68 during mid-day trading on Friday, reaching $12.82. 756,098 shares of the company’s stock were exchanged, compared to its average volume of 585,329. The firm has a market capitalization of $484.26 million, a price-to-earnings ratio of 17.09 and a beta of 1.31. TOYO has a 52 week low of $3.30 and a 52 week high of $17.43. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.68 and a quick ratio of 0.31. The firm has a 50-day moving average price of $12.84 and a two-hundred day moving average price of $9.22.

TOYO (NASDAQ:TOYO) last released its earnings results on Monday, May 18th. The company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $142.77 million for the quarter, compared to the consensus estimate of $202.90 million. Analysts predict that TOYO will post 2.37 EPS for the current year.

TOYO Company Profile

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.