TOYO (NASDAQ:TOYO) Stock Price Down 5.3% – Here’s Why

TOYO Co., Ltd. (NASDAQ:TOYO) shares traded down 5.3% during mid-day trading on Friday . The company traded as low as $7.72 and last traded at $7.73. 110,862 shares traded hands during trading, a decline of 20% from the average session volume of 138,807 shares. The stock had previously closed at $8.16.

Wall Street Analysts Forecast Growth

TOYO has been the topic of several analyst reports. HC Wainwright began coverage on shares of TOYO in a research note on Thursday, January 15th. They set a “buy” rating and a $18.00 price target on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of TOYO in a research report on Wednesday, January 21st. Zacks Research raised TOYO to a “hold” rating in a research note on Friday, January 16th. Finally, Wall Street Zen upgraded TOYO to a “hold” rating in a report on Saturday, October 25th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, TOYO has a consensus rating of “Hold” and a consensus target price of $18.00.

TOYO Stock Down 5.3%

The stock has a fifty day moving average price of $6.90 and a 200-day moving average price of $6.44. The company has a quick ratio of 0.26, a current ratio of 0.47 and a debt-to-equity ratio of 0.49.

Institutional Trading of TOYO

An institutional investor recently raised its position in TOYO stock. Renaissance Technologies LLC lifted its stake in TOYO Co., Ltd. (NASDAQ:TOYO) by 17.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 28,250 shares of the company’s stock after acquiring an additional 4,250 shares during the quarter. Renaissance Technologies LLC owned approximately 0.07% of TOYO worth $166,000 as of its most recent SEC filing. 84.61% of the stock is owned by institutional investors.

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.