UBS Group Forecasts Strong Price Appreciation for Li-Cycle (NYSE:LICY) Stock

Li-Cycle (NYSE:LICY) had its price target boosted by UBS Group from $2.00 to $2.25 in a report released on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. UBS Group’s target price would suggest a potential upside of 3.21% from the company’s current price.

Li-Cycle Price Performance

Shares of Li-Cycle stock traded up $0.13 during trading on Monday, reaching $2.18. The company’s stock had a trading volume of 607,606 shares, compared to its average volume of 840,680. The business has a 50 day moving average price of $2.26 and a 200-day moving average price of $3.26. The company has a market capitalization of $50.62 million, a P/E ratio of -1.76 and a beta of 1.50. The company has a quick ratio of 0.54, a current ratio of 0.60 and a debt-to-equity ratio of 1.16. Li-Cycle has a 12-month low of $1.22 and a 12-month high of $15.36.

Hedge Funds Weigh In On Li-Cycle

Large investors have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. purchased a new stake in Li-Cycle during the first quarter worth $103,000. Allspring Global Investments Holdings LLC increased its position in Li-Cycle by 55,310.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 79,237 shares of the company’s stock worth $82,000 after purchasing an additional 79,094 shares during the last quarter. Green Alpha Advisors LLC grew its position in Li-Cycle by 140.1% during the third quarter. Green Alpha Advisors LLC now owns 65,874 shares of the company’s stock valued at $144,000 after acquiring an additional 38,435 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in Li-Cycle in the first quarter valued at approximately $56,000. Finally, Sanctuary Advisors LLC purchased a new position in Li-Cycle in the second quarter valued at about $128,000. Hedge funds and other institutional investors own 54.12% of the company’s stock.

Li-Cycle Company Profile

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.