TOYO Co., Ltd. (NASDAQ:TOYO) Short Interest Up 89.0% in May

TOYO Co., Ltd. (NASDAQ:TOYO) was the target of a significant 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 shares of the company are short sold. Based on an average daily trading volume, of 511,384 shares, the short-interest ratio is currently 2.2 days.

TOYO Trading Down 3.3%

TOYO stock traded down $0.42 during midday trading on Monday, reaching $12.40. The company’s stock had a trading volume of 787,600 shares, compared to its average volume of 235,714. TOYO has a 52 week low of $3.30 and a 52 week high of $17.43. The stock has a market cap of $468.35 million, a PE ratio of 16.53 and a beta of 1.31. The company has a quick ratio of 0.31, a current ratio of 0.68 and a debt-to-equity ratio of 0.24. The business’s 50-day simple moving average is $12.90 and its 200-day simple moving average is $9.28.

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, beating analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $142.77 million during the quarter, compared to the consensus estimate of $202.90 million. As a group, sell-side analysts expect that TOYO will post 2.37 EPS for the current year.

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 TOYO Co., Ltd. (NASDAQ:TOYO) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 18,366 shares of the company’s stock, valued at approximately $135,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.