Largo (NYSE:LGO) Trading Down 7.7% – Here’s Why

Largo Inc. (NYSE:LGO)’s stock price dropped 7.7% during trading on Friday . The stock traded as low as $0.8301 and last traded at $0.8580. Approximately 1,302,945 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 1,391,605 shares. The stock had previously closed at $0.9291.

Analyst Ratings Changes

Separately, HC Wainwright dropped their target price on shares of Largo from $3.10 to $2.80 and set a “buy” rating for the company in a report on Monday, April 20th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $2.80.

Largo Price Performance

The company has a market cap of $86.60 million, a P/E ratio of -1.07 and a beta of 1.43. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.81 and a current ratio of 1.67. The firm’s fifty day moving average is $1.13 and its two-hundred day moving average is $1.20.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC boosted its holdings in shares of Largo by 631.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,293,300 shares of the company’s stock valued at $1,448,000 after purchasing an additional 1,116,534 shares during the last quarter. Sprott Inc. boosted its holdings in shares of Largo by 11.2% during the 3rd quarter. Sprott Inc. now owns 1,174,346 shares of the company’s stock valued at $1,762,000 after purchasing an additional 118,712 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Largo by 952.2% during the 4th quarter. Marshall Wace LLP now owns 918,075 shares of the company’s stock valued at $863,000 after purchasing an additional 830,824 shares during the last quarter. Brooklands Fund Management Ltd boosted its holdings in shares of Largo by 623.9% during the 1st quarter. Brooklands Fund Management Ltd now owns 760,119 shares of the company’s stock valued at $851,000 after purchasing an additional 655,119 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Largo by 19.6% during the 1st quarter. Bank of America Corp DE now owns 497,135 shares of the company’s stock valued at $557,000 after purchasing an additional 81,550 shares during the last quarter. Institutional investors own 64.08% of the company’s stock.

Largo Company Profile

Largo Inc (NYSE:LGO) is a diversified resources and digital asset company that provides investors with exposure to both critical battery metals and bitcoin through publicly traded vehicles. The combined platform integrates specialty metals operations with a physical bitcoin trust, reflecting the company’s strategy to offer participation in traditional commodities and emerging digital assets.

The metals division focuses on the production and sale of high-purity nickel and cobalt sulfate used in electric vehicle batteries and energy storage systems.