The share price of Li-Cycle Holdings Corp. (NYSE:LICY) rose to $7.51 per share on Thursday from $7.41. While Li-Cycle Holdings Corp. has overperformed by 1.35%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, LICY fell by -22.01%, with highs and lows ranging from $14.28 to $5.87, whereas the simple moving average fell by -13.20% in the last 200 days.
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On February 10, 2022, Morgan Stanley Downgraded Li-Cycle Holdings Corp. (NYSE: LICY) to Equal-Weight. A report published by Chardan Capital Markets on November 23, 2021, Initiated its previous ‘Buy’ rating for LICY. Piper Sandler also rated LICY shares as ‘Overweight’, setting a target price of $18 on the company’s shares in an initiating report dated November 12, 2021. Citigroup Initiated an Buy rating on October 18, 2021, and assigned a price target of $15. UBS initiated its ‘Buy’ rating for LICY, as published in its report on September 22, 2021. Wedbush’s report from September 20, 2021 suggests a price prediction of $14 for LICY shares, giving the stock a ‘Outperform’ rating.
Analysis of Li-Cycle Holdings Corp. (LICY)
Further, the quarter-over-quarter increase in sales is 277.30%, showing a positive trend in the upcoming months.
To gain a thorough understanding of Li-Cycle Holdings Corp.’s future performance, several well-rounded types of analysis and research techniques can be used, with equity being among the most crucial. Taking into account the quick ratio of the company, currently set at 11.20, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
It is also very valuable to look at average volume as an indicator of volatility for a stock, and LICY is recording an average volume of 1.76M. On a monthly basis, the volatility of the stock is set at 5.78%, whereas on a weekly basis, it is put at 4.81%, with a gain of 5.18% over the past seven days. Furthermore, long-term investors anticipate a median target price of $11.50, showing growth from the present price of $7.51, which can serve as yet another indication of whether LICY is worth investing in or should be passed over.
How Do You Analyze Li-Cycle Holdings Corp. Shares?
The number of employees owning shares of the company should also be considered in addition to the fundamentals. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 22.71%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 26.40% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in LICY shares?
The recent increase in stakes in LICY appears to be a result of several institutional investors and hedge funds increasing their positions. BNP Paribas Asset Management UK L’s position in LICY has increased by 17.56% in the first quarter. The company now owns 5,204,196 shares of the stock, with a value of $35.8 million, following the purchase of 777,251 additional shares during the last quarter. During the last quarter, the company dropped down 3,800,226 additional shares for a total stake of worth $26.15 million, bringing number of shares owned by the company to 3,800,226.
During the first quarter, Covalis Capital LLP subtracted a -1,629,405 position in LICY. Invesco Capital Management LLC purchased an additional 0.21 million shares in the last quarter, increasing its holdings by 8.89%, now holding 2.56 million shares worth $17.61 million. At the end of the first quarter, SIR Capital Management LP increased its LICY holdings by 7.91% and now holds 2.33 million LICY shares valued at $16.06 million with the added 0.17 million shares during the period. LICY shares are owned by institutional investors to the tune of 26.40% at present.