TOYO (NASDAQ:TOYO) Sees Large Volume Increase – Time to Buy?

Shares of TOYO Co., Ltd. (NASDAQ:TOYO) saw unusually-high trading volume on Tuesday . Approximately 141,251 shares traded hands during trading, a decline of 13% from the previous session’s volume of 162,627 shares.The stock last traded at $14.58 and had previously closed at $14.79.

Analysts Set New Price Targets

Several analysts have issued reports on TOYO shares. Wall Street Zen upgraded shares of TOYO from a “hold” rating to a “strong-buy” rating in a research report on Saturday, April 4th. Weiss Ratings raised TOYO from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 4th. Finally, Roth Mkm assumed coverage on TOYO in a report on Thursday, April 2nd. They issued a “buy” rating and a $15.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.50.

TOYO Price Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.31 and a current ratio of 0.68. The firm has a 50 day simple moving average of $11.01 and a 200-day simple moving average of $8.45.

TOYO (NASDAQ:TOYO) last posted its earnings results on Monday, May 18th. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.03. The firm had revenue of $142.77 million during the quarter, compared to the consensus estimate of $202.90 million. Equities analysts anticipate that TOYO Co., Ltd. will post 2.37 EPS for the current fiscal year.

Hedge Funds Weigh In On TOYO

An institutional investor recently raised its position in TOYO stock. Renaissance Technologies LLC lifted its holdings in shares of TOYO Co., Ltd. (NASDAQ:TOYO) by 17.7% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 28,250 shares of the company’s stock after purchasing an additional 4,250 shares during the period. Renaissance Technologies LLC owned 0.07% of TOYO worth $166,000 at the end of the most recent reporting period. 84.61% of the stock is owned by institutional investors.

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.