TOYO (NASDAQ:TOYO) Rating Lowered to Strong Sell at Zacks Research

TOYO (NASDAQ:TOYO) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other research firms have also recently weighed in on TOYO. Weiss Ratings cut TOYO from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. Wall Street Zen lowered TOYO from a “strong-buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, TOYO has an average rating of “Hold” and an average price target of $16.50.

TOYO Stock Down 3.6%

Shares of NASDAQ TOYO opened at $4.50 on Wednesday. The firm has a fifty day simple moving average of $6.03 and a two-hundred day simple moving average of $9.17. TOYO has a 12 month low of $4.26 and a 12 month high of $17.43. The company has a current ratio of 1.12, a quick ratio of 0.58 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $169.97 million, a PE ratio of 3.75 and a beta of 1.45.

TOYO (NASDAQ:TOYO) last announced its earnings results on Wednesday, August 19th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.07). The firm had revenue of $118.18 million for the quarter, compared to analysts’ expectations of $192.57 million. Equities analysts expect that TOYO will post 1.98 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in TOYO stock. Renaissance Technologies LLC increased its position in TOYO Co., Ltd. (NASDAQ:TOYO) by 62.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,000 shares of the company’s stock after purchasing an additional 17,750 shares during the period. Renaissance Technologies LLC owned approximately 0.12% of TOYO worth $337,000 at the end of the most recent reporting period. 84.61% of the stock is owned by institutional investors.

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.