Short Interest in TOYO Co., Ltd. (NASDAQ:TOYO) Expands By 143.6%

Key Points

• Short interest in TOYO surged 143.6% in April to 444,672 shares (up from 182,554 on March 31), equal to about 1.2% of shares and a short-interest ratio of 1.4 days.
• Analysts hold a consensus of "Moderate Buy" with an average price target of $16.50; research coverage is split with two Buy and two Hold ratings (recent Buy initiations from Roth MKM and HC Wainwright).
• Institutional ownership is high at 84.61%, and Renaissance Technologies increased its stake by 17.7% to 28,250 shares.

TOYO Co., Ltd. (NASDAQ:TOYO - Get Free Report) saw a significant growth in short interest during the month of April. As of April 15th, there was short interest totaling 444,672 shares, a growth of 143.6% from the March 31st total of 182,554 shares. Based on an average daily trading volume, of 321,443 shares, the short-interest ratio is presently 1.4 days. Approximately 1.2% of the shares of the company are sold short.

TOYO Trading Down 6.4%

NASDAQ TOYO opened at $11.65 on Friday. The stock's 50-day moving average price is $9.25 and its 200-day moving average price is $7.74. The company has a quick ratio of 0.31, a current ratio of 0.58 and a debt-to-equity ratio of 0.31. TOYO has a 52 week low of $2.58 and a 52 week high of $14.33.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TOYO. Roth Mkm began coverage on TOYO in a report on Thursday, April 2nd. They issued a "buy" rating and a $15.00 target price on the stock. HC Wainwright began coverage on TOYO in a report on Thursday, January 15th. They issued a "buy" rating and a $18.00 target price on the stock. Wall Street Zen raised TOYO from a "hold" rating to a "strong-buy" rating in a report on Saturday, April 4th. Zacks Research raised TOYO to a "hold" rating in a report on Friday, January 16th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of TOYO in a report on Monday, April 20th. Two equities 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.com, TOYO has a consensus rating of "Moderate Buy" and an average price target of $16.50.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in TOYO stock. Renaissance Technologies LLC lifted its stake in TOYO Co., Ltd. (NASDAQ:TOYO - Free Report) by 17.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,250 shares of the company's stock after buying 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 filing with the Securities & Exchange Commission. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.