TOYO (NASDAQ:TOYO) Shares Break Above 50 Day Moving Average – Here’s What Happened

TOYO Co., Ltd. (NASDAQ:TOYO)’s stock price passed above its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $4.30 and traded as high as $4.73. TOYO shares last traded at $4.70, with a volume of 1,960,421 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of TOYO in a research report on Thursday, October 8th. Zacks Research upgraded shares of TOYO from a “strong sell” rating to a “hold” rating in a report on Thursday, September 24th. Wall Street Zen lowered shares of TOYO from a “strong-buy” rating to a “hold” rating in a report on Saturday, August 22nd. Weiss Ratings raised shares of TOYO from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, October 23rd. Finally, Roth Capital restated a “buy” rating on shares of TOYO in a report on Tuesday, September 1st. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, TOYO has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

TOYO Price Performance

The company’s 50-day simple moving average is $4.30 and its 200 day simple moving average is $7.90. The company has a market cap of $171.10 million, a PE ratio of 3.78 and a beta of 1.42. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.58 and a current ratio of 1.12.

TOYO (NASDAQ:TOYO) last released its earnings results 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 company had revenue of $118.18 million during the quarter, compared to analysts’ expectations of $192.57 million. On average, sell-side analysts predict that TOYO Co., Ltd. will post 1.90 earnings per share for the current fiscal year.

Institutional Trading of TOYO

Institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC grew its stake in shares of 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 during the last quarter. WINTON GROUP Ltd purchased a new stake in shares of TOYO during the second quarter worth approximately $293,000. Bank of America Corp DE purchased a new stake in shares of TOYO during the first quarter worth approximately $135,000. Vontobel Holding Ltd. acquired a new stake in shares of TOYO during the third quarter worth $69,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of TOYO during the second quarter worth $84,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

TOYO Company Profile

TOYO Co, Ltd. is a Japan-based solar energy company that develops, manufactures and sells photovoltaic products. Its business is focused on solar cells and modules used in utility-scale, commercial and residential solar power systems.

The company’s product portfolio includes advanced solar cells and related photovoltaic solutions designed to support the conversion of sunlight into electricity. TOYO serves customers and project developers in international markets and is focused on expanding its presence across the global solar supply chain.

TOYO has pursued manufacturing and development opportunities outside Japan, including production and expansion initiatives in overseas markets.