TOYO (NASDAQ:TOYO) Stock Price Down 5.3% – What’s Next?

Shares of TOYO Co., Ltd. (NASDAQ:TOYO) dropped 5.3% during trading on Friday . The stock traded as low as $7.72 and last traded at $7.73. Approximately 110,862 shares traded hands during trading, a decline of 20% from the average daily volume of 138,807 shares. The stock had previously closed at $8.16.

Wall Street Analysts Forecast Growth

TOYO has been the topic of several analyst reports. HC Wainwright initiated coverage on shares of TOYO in a report on Thursday, January 15th. They issued a “buy” rating and a $18.00 price target on the stock. Wall Street Zen upgraded TOYO to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reissued a “hold (c)” rating on shares of TOYO in a research report on Wednesday, January 21st. Finally, Zacks Research upgraded TOYO to a “hold” rating in a research note on Friday, January 16th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, TOYO currently has a consensus rating of “Hold” and an average price target of $18.00.

TOYO Stock Performance

The company has a current ratio of 0.47, a quick ratio of 0.26 and a debt-to-equity ratio of 0.49. The business’s fifty day moving average price is $6.90 and its two-hundred day moving average price is $6.42.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in TOYO stock. Renaissance Technologies LLC lifted its position in TOYO Co., Ltd. (NASDAQ:TOYO) by 17.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,250 shares of the company’s stock after purchasing an additional 4,250 shares during the quarter. Renaissance Technologies LLC owned about 0.07% of TOYO worth $166,000 as of its most recent SEC filing. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.