Largo (NYSE:LGO) Given New $2.40 Price Target at HC Wainwright

Largo (NYSE:LGO) had its price target lowered by HC Wainwright from $2.80 to $2.40 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 230.03% from the company’s current price.

Largo Stock Down 6.7%

Shares of NYSE:LGO opened at $0.73 on Tuesday. The business’s 50 day moving average is $0.92 and its 200 day moving average is $1.16. The stock has a market cap of $74.84 million, a P/E ratio of -0.91 and a beta of 1.47. Largo has a 52-week low of $0.62 and a 52-week high of $2.70. The company has a quick ratio of 0.81, a current ratio of 1.67 and a debt-to-equity ratio of 0.34.

Hedge Funds Weigh In On Largo

Several institutional investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its stake in Largo by 19.6% in the first quarter. Bank of America Corp DE now owns 497,135 shares of the company’s stock worth $557,000 after acquiring an additional 81,550 shares during the period. Royal Bank of Canada increased its position in Largo by 3,192.4% during the 1st quarter. Royal Bank of Canada now owns 60,614 shares of the company’s stock valued at $68,000 after purchasing an additional 58,773 shares during the period. Renaissance Technologies LLC increased its position in 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 period. Brooklands Fund Management Ltd raised its holdings 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 valued at $851,000 after purchasing an additional 655,119 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft bought a new stake in shares of Largo in the 1st quarter valued at about $28,000. Hedge funds and other 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.