TOYO (NASDAQ:TOYO) Trading Down 7.2% – Time to Sell?

Shares of TOYO Co., Ltd. (NASDAQ:TOYO) were down 7.2% on Friday . The company traded as low as $14.90 and last traded at $15.05. Approximately 455,553 shares were traded during trading, an increase of 159% from the average daily volume of 175,707 shares. The stock had previously closed at $16.21.

Wall Street Analyst Weigh In

TOYO has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of TOYO from a “hold” rating to a “strong-buy” rating in a research note on Saturday, April 4th. Roth Mkm initiated coverage on shares of TOYO in a research note on Thursday, April 2nd. They set a “buy” rating and a $15.00 price objective for the company. Finally, Weiss Ratings upgraded shares of TOYO from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $16.50.

TOYO Price Performance

The business’s 50 day moving average price is $11.56 and its 200 day moving average price is $8.67. The stock has a market capitalization of $548.04 million, a P/E ratio of 19.35 and a beta of 1.26. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.68 and a quick ratio of 0.31.

TOYO (NASDAQ:TOYO) last issued its quarterly earnings data on Monday, May 18th. The company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.72 by $0.03. The firm had revenue of $142.77 million during the quarter, compared to the consensus estimate of $202.90 million. Sell-side analysts forecast that TOYO Co., Ltd. will post 2.37 EPS for the current year.

Institutional Trading of TOYO

A hedge fund recently bought a new stake in TOYO stock. Bank of America Corp DE purchased a new stake in shares of TOYO Co., Ltd. (NASDAQ:TOYO) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 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.

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.