Largo (NYSE:LGO) Stock Price Down 7.7% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Separately, HC Wainwright decreased their target price on shares of Largo from $3.10 to $2.80 and set a “buy” rating for the company in a research note on Monday, April 20th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $2.80.

Largo Stock Performance

The firm has a market capitalization of $86.60 million, a PE ratio of -1.07 and a beta of 1.43. The company has a current ratio of 1.67, a quick ratio of 0.81 and a debt-to-equity ratio of 0.34. The business’s 50 day simple moving average is $1.13 and its two-hundred day simple moving average is $1.20.

Institutional Investors Weigh In On Largo

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

About Largo

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.