TOYO (NASDAQ:TOYO) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded TOYO from “strong buy” to “hold,” while the broader analyst consensus remains “Moderate Buy” with a $16.50 target price.
• TOYO’s latest quarterly results fell short of expectations: earnings per share were $0.45 versus $0.52 expected, and revenue reached $118.18 million compared with estimates of $192.57 million.
• The stock opened at $4.82, well below its 50-day and 200-day moving averages of $6.65 and $9.30, respectively; institutional investors own 84.61% of the company, with Renaissance Technologies recently increasing its stake.

TOYO (NASDAQ:TOYO - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Saturday.

TOYO has been the topic of a number of other research reports. Weiss Ratings lowered TOYO from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, July 30th. Zacks Research upgraded TOYO from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 28th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $16.50.

TOYO Price Performance

TOYO stock opened at $4.82 on Friday. The company's 50 day simple moving average is $6.65 and its 200-day simple moving average is $9.30. The company has a market capitalization of $182.05 million, a price-to-earnings ratio of 6.43 and a beta of 1.45. TOYO has a 1 year low of $4.26 and a 1 year high of $17.43. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.31 and a current ratio of 1.12.

TOYO (NASDAQ:TOYO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 19th. The company reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.07). The company had revenue of $118.18 million for the quarter, compared to analysts' expectations of $192.57 million. As a group, equities research analysts expect that TOYO will post 2.3 earnings per share for the current year.

Institutional Investors Weigh In On TOYO

A hedge fund recently raised its stake in TOYO stock. Renaissance Technologies LLC boosted its holdings in shares of TOYO Co., Ltd. (NASDAQ:TOYO - Free Report) by 17.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,250 shares of the company's stock after buying an additional 4,250 shares during the quarter. Renaissance Technologies LLC owned 0.07% of TOYO worth $166,000 as of its most recent SEC filing. 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.

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