TOYO (NASDAQ:TOYO) Cut to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded TOYO from “hold” to “strong sell,” while the broader analyst consensus remains “Hold” with an average price target of $16.50.
• TOYO shares opened at $4.50, near their 52-week low of $4.26 and well below the 52-week high of $17.43; the stock was reported down 3.6%.
• The company’s latest quarterly results missed expectations, with EPS of $0.45 versus $0.52 expected and revenue of $118.18 million versus forecasts of $192.57 million.

TOYO (NASDAQ:TOYO - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Wednesday,Zacks.com reports.

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

TOYO Stock Down 3.6%

TOYO opened at $4.50 on Wednesday. The business's fifty day simple moving average is $6.03 and its 200 day simple moving average is $9.17. TOYO has a 52 week low of $4.26 and a 52 week high of $17.43. 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 stock has a market cap of $169.97 million, a PE ratio of 3.75 and a beta of 1.45.

TOYO (NASDAQ:TOYO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 19th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.07). The business had revenue of $118.18 million during the quarter, compared to analysts' expectations of $192.57 million. As a group, research analysts expect that TOYO will post 1.98 earnings per share for the current fiscal 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 stake in shares of TOYO Co., Ltd. (NASDAQ:TOYO - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 18,366 shares of the company's stock, valued at approximately $135,000. 84.61% of the stock is currently owned by institutional investors.

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.

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