TOYO’s (TOYO) “Buy” Rating Reiterated at HC Wainwright

TOYO (NASDAQ:TOYO)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a research report issued to clients and investors on Thursday, MarketBeat.com reports. They currently have a $18.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 311.90% from the stock’s current price.

Other research analysts have also issued research reports about the company. Roth Capital reiterated a “buy” rating on shares of TOYO in a report on Tuesday, September 1st. Zacks Research upgraded shares of TOYO from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 24th. Wall Street Zen downgraded shares of TOYO from a “strong-buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, Weiss Ratings lowered shares of TOYO from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, TOYO currently has an average rating of “Hold” and an average target price of $14.00.

TOYO Price Performance

Shares of TOYO stock traded up $0.01 on Thursday, hitting $4.37. 175,066 shares of the company were exchanged, compared to its average volume of 464,256. The company has a quick ratio of 0.58, a current ratio of 1.12 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $4.68 and a 200 day moving average price of $8.34. The stock has a market capitalization of $165.05 million, a price-to-earnings ratio of 3.64 and a beta of 1.42. TOYO has a 1-year low of $4.12 and a 1-year high of $17.43.

TOYO (NASDAQ:TOYO) last announced its quarterly earnings data on Thursday, August 20th. The company reported $0.45 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. As a group, sell-side analysts predict that TOYO will post 1.9 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. WINTON GROUP Ltd purchased a new stake in TOYO in the second quarter valued at $293,000. Bank of America Corp DE purchased a new position in shares of TOYO during the first quarter worth about $135,000. Renaissance Technologies LLC increased its position in shares of TOYO by 62.8% during the first quarter. Renaissance Technologies LLC now owns 46,000 shares of the company’s stock worth $337,000 after purchasing an additional 17,750 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in shares of TOYO during the second quarter worth about $84,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

TOYO Company Profile

TOYO Co, Ltd. (NASDAQ: TOYO) is a solar technology and renewable-energy company focused on the manufacture and supply of photovoltaic products. Through its operating subsidiaries, the company develops and produces solar cells and modules used in utility-scale, commercial, and residential solar-power systems.

TOYO’s product portfolio includes high-efficiency solar cells and photovoltaic modules, with an emphasis on advanced technologies such as N-type TOPCon cells. The company has also pursued international manufacturing and expansion opportunities as it works to serve the growing global demand for solar-energy equipment.

TOYO is headquartered in Japan and has reported operations and development activities connected with solar manufacturing in international markets, including Vietnam and Ethiopia.