TOYO's (TOYO) Buy Rating Reiterated at HC Wainwright

Key Points

• HC Wainwright reiterated a Buy rating on TOYO and set an $18 price target, implying approximately 314% upside from the prior close.
• Analyst sentiment is mixed but leans positive: TOYO has a consensus rating of Moderate Buy and an average target price of $14, based on two Buy and two Hold ratings.
• TOYO shares opened at $4.35 after declining 2.9%; the company recently missed quarterly expectations, reporting $0.45 EPS versus $0.52 expected and revenue of $118.18 million versus $192.57 million expected.

TOYO (NASDAQ:TOYO - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at HC Wainwright in a report released on Thursday, Benzinga reports. They currently have a $18.00 target price on the stock. HC Wainwright's price objective points to a potential upside of 313.79% from the company's previous close.

TOYO has been the topic of several other research reports. Zacks Research upgraded shares of TOYO from a "strong sell" rating to a "hold" rating in a research note on Thursday, September 24th. Roth Capital reiterated a "buy" rating on shares of TOYO in a research note on Tuesday, September 1st. Wall Street Zen cut shares of TOYO from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 22nd. Finally, Weiss Ratings cut 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 and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.00.

TOYO Trading Down 2.9%

Shares of NASDAQ TOYO opened at $4.35 on Thursday. The firm's 50 day moving average price is $4.71 and its 200-day moving average price is $8.39. The company has a market cap of $164.30 million, a PE ratio of 3.63 and a beta of 1.42. TOYO has a 52-week low of $4.12 and a 52-week high of $17.43. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.58 and a current ratio of 1.12.

TOYO (NASDAQ:TOYO - Get Free Report) last issued its earnings results on Thursday, August 20th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate 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. On average, equities research analysts expect that TOYO will post 1.9 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TOYO. WINTON GROUP Ltd purchased a new position in shares of TOYO during the second quarter valued at approximately $293,000. Engineers Gate Manager LP purchased a new stake in TOYO during the second quarter valued at approximately $84,000. Bank of America Corp DE purchased a new stake in TOYO during the first quarter valued at approximately $135,000. Finally, Renaissance Technologies LLC increased its holdings in TOYO by 62.8% during the first quarter. Renaissance Technologies LLC now owns 46,000 shares of the company's stock valued at $337,000 after buying an additional 17,750 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

TOYO Company Profile

TOYO Co, Ltd. NASDAQ: TOYO is a solar technology and renewable-energy company focused on the manufacture and supply of photovoltaic products. Through its operating subsidiaries, the company develops and produces solar cells and modules used in utility-scale, commercial, and residential solar-power systems.

TOYO's product portfolio includes high-efficiency solar cells and photovoltaic modules, with an emphasis on advanced technologies such as N-type TOPCon cells. The company has also pursued international manufacturing and expansion opportunities as it works to serve the growing global demand for solar-energy equipment.

TOYO is headquartered in Japan and has reported operations and development activities connected with solar manufacturing in international markets, including Vietnam and Ethiopia.