In Wednesday’s session, Li-Cycle Holdings Corp. (NYSE:LICY) marked $6.12 per share, up from $5.93 in the previous session. While Li-Cycle Holdings Corp. has overperformed by 3.20%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, LICY fell by -51.70%, with highs and lows ranging from $13.28 to $5.05, whereas the simple moving average fell by -11.87% in the last 200 days.
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On September 20, 2022, Piper Sandler started tracking Li-Cycle Holdings Corp. (NYSE: LICY) recommending Overweight. A report published by Morgan Stanley on February 10, 2022, Downgraded its rating to ‘Equal-Weight’ for LICY. Chardan Capital Markets also rated LICY shares as ‘Buy’, setting a target price of $17 on the company’s shares in an initiating report dated November 23, 2021. Piper Sandler Initiated an Overweight rating on November 12, 2021, and assigned a price target of $18. Citigroup initiated its ‘Buy’ rating for LICY, as published in its report on October 18, 2021. UBS’s report from September 22, 2021 suggests a price prediction of $15 for LICY shares, giving the stock a ‘Buy’ rating. Wedbush also rated the stock as ‘Outperform’.
Analysis of Li-Cycle Holdings Corp. (LICY)
Li-Cycle Holdings Corp.’s future performance can be determined with the help of several well-rounded types of analysis and research techniques, with equity being one of the most influential. Taking into account the quick ratio of the company, currently set at 17.10, 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.
The average volume for any stock is also a very valuable indicator of volatility, and LICY has an average volume of 1.60M. On a monthly basis, the volatility of the stock is set at 5.07%, whereas on a weekly basis, it is put at 5.35%, with a gain of 1.66% over the past seven days. Furthermore, long-term investors anticipate a median target price of $9.78, showing growth from the present price of $6.12, 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?
In addition to analyzing the fundamentals, it is also important to look at how many company employees own stock. 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 22.10%. 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 42.80% 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. Covalis Capital LLP’s position in LICY has increased by 14.55% in the first quarter. The company now owns 11,629,038 shares of the stock, with a value of $69.31 million, following the purchase of 1,477,185 additional shares during the last quarter. BNP Paribas Asset Management UK L made another increased to its shares in LICY during the first quarter, upping its stake by 24.17%. During the last quarter, the company picked up 1,465,689 additional shares for a total stake of worth $44.87 million, bringing number of shares owned by the company to 7,528,561.
During the first quarter, BlackRock Fund Advisors added a 125,524 position in LICY. Grantham, Mayo, Van Otterloo & Co purchased an additional 92050.0 shares in the last quarter, increasing its holdings by 2.16%, now holding 4.35 million shares worth $25.9 million. At the end of the first quarter, Covalis increased its LICY holdings by 20.51% and now holds 3.07 million LICY shares valued at $18.3 million with the added 0.52 million shares during the period. LICY shares are owned by institutional investors to the tune of 42.80% at present.