TOYO (NASDAQ:TOYO) Trading Down 5.3% – Time to Sell?

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

Analysts Set New Price Targets

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

TOYO Stock Performance

The company has a debt-to-equity ratio of 0.49, a current ratio of 0.47 and a quick ratio of 0.26. The company has a 50-day simple moving average of $6.90 and a 200 day simple moving average of $6.42.

Hedge Funds Weigh In On TOYO

A hedge fund recently raised its stake in TOYO stock. Renaissance Technologies LLC raised its stake in TOYO Co., Ltd. (NASDAQ:TOYO) by 17.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,250 shares of the company’s stock after purchasing an additional 4,250 shares during the period. Renaissance Technologies LLC owned 0.07% of TOYO worth $166,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 84.61% of the stock is currently 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.