Li-Cycle (NYSE:LICY) Trading Down 6.3%

Li-Cycle Holdings Corp. (NYSE:LICY – Get Rating)’s share price fell 6.3% during mid-day trading on Friday . The company traded as low as $6.45 and last traded at $6.45. 23,127 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 1,996,662 shares. The stock had previously closed at $6.88.

A number of brokerages have recently issued reports on LICY. Morgan Stanley cut their price objective on shares of Li-Cycle from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Friday, June 3rd. Citigroup cut their price objective on shares of Li-Cycle from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, April 7th. Cowen cut their price objective on shares of Li-Cycle from $14.00 to $10.00 in a research report on Wednesday, June 15th. Cowen cut their price objective on shares of Li-Cycle from $14.00 to $10.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 15th. Finally, Robert W. Baird lifted their price objective on shares of Li-Cycle from $9.00 to $11.00 in a research report on Wednesday, June 15th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Li-Cycle currently has a consensus rating of “Moderate Buy” and an average target price of $12.40.

The business’s 50 day moving average is $7.30 and its 200 day moving average is $7.89. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -1.56 and a beta of 0.35. The company has a debt-to-equity ratio of 0.17, a quick ratio of 26.98 and a current ratio of 27.12.

Li-Cycle (NYSE:LICY – Get Rating) last released its earnings results on Tuesday, June 14th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The company had revenue of $8.65 million during the quarter, compared to analyst estimates of $5.98 million. Li-Cycle had a negative return on equity of 16.02% and a negative net margin of 1,097.02%. Sell-side analysts predict that Li-Cycle Holdings Corp. will post -0.33 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Covalis Capital LLP lifted its stake in Li-Cycle by 51.5% during the 4th quarter. Covalis Capital LLP now owns 4,355,478 shares of the company’s stock valued at $43,381,000 after acquiring an additional 1,480,206 shares during the period. Invesco Ltd. lifted its stake in Li-Cycle by 7.8% during the 1st quarter. Invesco Ltd. now owns 2,989,030 shares of the company’s stock valued at $25,258,000 after acquiring an additional 217,362 shares during the period. CIBC Private Wealth Group LLC acquired a new stake in Li-Cycle during the 4th quarter valued at approximately $18,918,000. Schonfeld Strategic Advisors LLC acquired a new stake in Li-Cycle during the 4th quarter valued at approximately $18,684,000. Finally, Primecap Management Co. CA lifted its stake in shares of Li-Cycle by 169.5% in the 1st quarter. Primecap Management Co. CA now owns 1,839,700 shares of the company’s stock valued at $15,545,000 after purchasing an additional 1,157,000 shares during the period. Institutional investors and hedge funds own 24.38% of the company’s stock.

Li-Cycle Company Profile (NYSE:LICY)

Li-Cycle Holdings Corp. engages in the lithium-ion battery resource recovery and lithium-ion battery recycling business in North America. The company offers a mix of cathode and anode battery materials, including lithium, nickel, and cobalt, as well as graphite, copper, and aluminum; and copper and aluminum metals.

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