TOYO (NASDAQ:TOYO) Sees Strong Trading Volume – Here’s Why

Shares of TOYO Co., Ltd. (NASDAQ:TOYO) saw an uptick in trading volume on Wednesday . 90,284 shares were traded during mid-day trading, a decline of 28% from the previous session’s volume of 126,079 shares.The stock last traded at $13.7950 and had previously closed at $13.70.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TOYO. Weiss Ratings reissued a “hold (c)” rating on shares of TOYO in a research note on Monday. Wall Street Zen raised shares of TOYO from a “hold” rating to a “strong-buy” rating in a research note on Saturday, April 4th. HC Wainwright began coverage on shares of TOYO in a research note on Thursday, January 15th. They issued a “buy” rating and a $18.00 price objective on the stock. Roth Mkm began coverage on shares of TOYO in a research note on Thursday, April 2nd. They issued a “buy” rating and a $15.00 price objective on the stock. Finally, Zacks Research raised shares of TOYO to a “hold” rating in a research note on Friday, January 16th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.50.

TOYO Trading Down 9.7%

The company has a current ratio of 0.58, a quick ratio of 0.31 and a debt-to-equity ratio of 0.31. The stock’s 50-day simple moving average is $9.17 and its 200 day simple moving average is $7.70.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in TOYO stock. Renaissance Technologies LLC increased its stake in shares of TOYO Co., Ltd. (NASDAQ:TOYO) by 17.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent quarter. 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.