TOYO (NASDAQ:TOYO) Trading Up 0.8% – Time to Buy?

TOYO Co., Ltd. (NASDAQ:TOYO) shares were up 0.8% on Wednesday . The company traded as high as $8.80 and last traded at $8.48. Approximately 27,113 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 60,774 shares. The stock had previously closed at $8.41.

Wall Street Analysts Forecast Growth

TOYO has been the topic of several recent analyst reports. Zacks Research upgraded shares of TOYO to a “hold” rating in a research report on Friday, January 16th. HC Wainwright assumed coverage on shares of TOYO in a report on Thursday, January 15th. They issued a “buy” rating and a $18.00 target price for the company. Weiss Ratings reiterated a “hold (c)” rating on shares of TOYO in a research note on Wednesday, January 21st. Finally, Wall Street Zen raised TOYO to a “hold” rating in a report on Saturday, February 21st. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $18.00.

TOYO Stock Up 0.8%

The company has a current ratio of 0.47, a quick ratio of 0.26 and a debt-to-equity ratio of 0.49. The business’s fifty day simple moving average is $7.99 and its 200-day simple moving average is $7.00.

Hedge Funds Weigh In On TOYO

An institutional investor recently raised its position in TOYO stock. Renaissance Technologies LLC raised its stake in TOYO Co., Ltd. (NASDAQ:TOYO) by 17.7% during the fourth quarter, according to the company in its most recent 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 period. Renaissance Technologies LLC owned approximately 0.07% of TOYO worth $166,000 as of its most recent SEC filing. Institutional investors own 84.61% of the company’s stock.

TOYO Company Profile

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.