Zacks Research Upgrades TOYO (NASDAQ:TOYO) to Hold

TOYO (NASDAQ:TOYO) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

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

TOYO Stock Up 1.5%

TOYO stock opened at $4.70 on Tuesday. The company has a market cap of $177.54 million, a price-to-earnings ratio of 6.27 and a beta of 1.42. TOYO has a twelve month low of $4.23 and a twelve month high of $17.43. The business has a 50 day moving average price of $9.85 and a two-hundred day moving average price of $9.48. The company has a quick ratio of 0.31, a current ratio of 0.68 and a debt-to-equity ratio of 0.24.

TOYO (NASDAQ:TOYO) last announced its quarterly earnings data on Monday, May 18th. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The company had revenue of $142.77 million for the quarter, compared to the consensus estimate of $202.90 million. Analysts anticipate that TOYO will post 2.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake 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 Form 13F filing with the SEC. The fund bought 18,366 shares of the company’s stock, valued at approximately $135,000. Institutional investors own 84.61% of the company’s stock.

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.