TOYO (NASDAQ:TOYO) Raised to Hold at Zacks Research

Key Points

• Zacks Research upgraded TOYO from “strong sell” to “hold,” while analysts remain divided; the stock has a “Moderate Buy” consensus rating and a $14.00 average price target.
• TOYO opened at $4.47, near its 52-week low of $4.12, with a market capitalization of $168.83 million and a P/E ratio of 3.73. Its shares have underperformed their longer-term moving average.
• The company missed quarterly expectations, reporting $0.45 in earnings per share versus $0.52 expected and revenue of $118.18 million versus $192.57 million projected. Institutional investors and hedge funds own 84.61% of the stock.

TOYO (NASDAQ:TOYO - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Thursday, Zacks reports.

TOYO has been the topic of a number of other research reports. Weiss Ratings lowered shares of TOYO from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, July 30th. Roth Capital restated a "buy" rating on shares of TOYO in a research note on Tuesday, September 1st. Finally, Wall Street Zen lowered shares of TOYO from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 22nd. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, TOYO currently has an average rating of "Moderate Buy" and a consensus price target of $14.00.

TOYO Stock Performance

NASDAQ:TOYO opened at $4.47 on Thursday. 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 company has a market cap of $168.83 million, a P/E ratio of 3.73 and a beta of 1.42. TOYO has a fifty-two week low of $4.12 and a fifty-two week high of $17.43. The firm's 50 day moving average is $4.80 and its two-hundred day moving average is $8.61.

TOYO (NASDAQ:TOYO - Get Free Report) last announced its quarterly earnings results on Thursday, August 20th. The company reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.07). The business had revenue of $118.18 million for the quarter, compared to analysts' expectations of $192.57 million. Analysts expect that TOYO will post 1.9 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC raised its position in shares of TOYO by 62.8% during the 1st quarter. Renaissance Technologies LLC now owns 46,000 shares of the company's stock valued at $337,000 after acquiring an additional 17,750 shares in the last quarter. WINTON GROUP Ltd acquired a new position in TOYO in the second quarter worth $293,000. Bank of America Corp DE bought a new stake in TOYO during the first quarter valued at $135,000. Finally, Engineers Gate Manager LP bought a new stake in TOYO during the second quarter valued at $84,000. Institutional investors and hedge funds own 84.61% of the company's stock.

About TOYO

TOYO Co, Ltd. is a solar photovoltaic (PV) manufacturer focused on producing components used in the generation of renewable energy. The company develops and manufactures solar cells and modules, including products based on advanced high-efficiency technologies such as n-type TOPCon cells.

Through its manufacturing and development activities, TOYO serves solar project developers, distributors and other participants in the global PV supply chain. Its business is oriented toward supporting utility-scale, commercial and residential solar installations across international markets, with operations and expansion activities centered on Asia and other strategic regions.

TOYO has positioned itself as a vertically integrated solar manufacturer, seeking to broaden its capabilities across the PV value chain and expand its international production footprint.

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