Li-Cycle (NYSE:LICY) Shares Down 7.2% Following Analyst Downgrade

Li-Cycle Holdings Corp. (NYSE:LICYGet Rating) fell 7.2% during mid-day trading on Thursday after Citigroup lowered their price target on the stock from $10.00 to $8.00. The company traded as low as $5.96 and last traded at $5.97. 31,377 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 1,704,708 shares. The stock had previously closed at $6.43.

LICY has been the topic of a number of other reports. Robert W. Baird lowered their price objective on shares of Li-Cycle from $11.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, September 15th. BMO Capital Markets lowered their price objective on shares of Li-Cycle from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Thursday, September 15th. Cowen lowered their price objective on shares of Li-Cycle from $14.00 to $10.00 and set an “outperform” rating on the stock in a report on Wednesday, June 15th. Piper Sandler reiterated an “overweight” rating and issued a $10.00 price objective on shares of Li-Cycle in a report on Tuesday. Finally, Cowen lowered their price objective on shares of Li-Cycle from $14.00 to $10.00 in a report on Wednesday, June 15th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $9.63.

Hedge Funds Weigh In On Li-Cycle

Several hedge funds and other institutional investors have recently made changes to their positions in LICY. Schonfeld Strategic Advisors LLC bought a new position in shares of Li-Cycle in the fourth quarter valued at $18,684,000. State Street Corp bought a new position in Li-Cycle during the second quarter worth $12,762,000. Covalis Capital LLP boosted its position in Li-Cycle by 51.5% during the fourth quarter. Covalis Capital LLP now owns 4,355,478 shares of the company’s stock worth $43,381,000 after purchasing an additional 1,480,206 shares during the period. First Trust Advisors LP bought a new position in Li-Cycle during the first quarter worth $9,978,000. Finally, Primecap Management Co. CA boosted its position in Li-Cycle by 169.5% during the first quarter. Primecap Management Co. CA now owns 1,839,700 shares of the company’s stock worth $15,545,000 after purchasing an additional 1,157,000 shares during the period. 35.72% of the stock is owned by institutional investors.

Li-Cycle Stock Performance

The company has a debt-to-equity ratio of 0.54, a current ratio of 17.25 and a quick ratio of 17.12. The stock’s 50-day simple moving average is $7.00 and its 200 day simple moving average is $7.29. The stock has a market capitalization of $1.06 billion, a P/E ratio of -4.27 and a beta of 0.59.

Li-Cycle (NYSE:LICYGet Rating) last released its quarterly earnings data on Wednesday, September 14th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.08). Li-Cycle had a negative return on equity of 14.59% and a negative net margin of 1,097.02%. During the same quarter in the prior year, the firm earned ($2.67) EPS. Research analysts expect that Li-Cycle Holdings Corp. will post -0.39 EPS for the current fiscal year.

About Li-Cycle

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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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