Li-Cycle (NYSE:LICY) Announces Earnings Results

Li-Cycle (NYSE:LICYGet Rating) released its earnings results on Wednesday. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.08), Fidelity Earnings reports. Li-Cycle had a negative net margin of 1,097.02% and a negative return on equity of 15.16%. During the same period in the prior year, the firm posted ($2.67) earnings per share.

Li-Cycle Price Performance

Shares of LICY opened at $6.29 on Friday. Li-Cycle has a 52-week low of $5.87 and a 52-week high of $14.28. The company has a debt-to-equity ratio of 0.17, a quick ratio of 26.98 and a current ratio of 27.12. The business’s 50 day moving average price is $7.01 and its two-hundred day moving average price is $7.33. The firm has a market cap of $1.06 billion, a PE ratio of -4.43 and a beta of 0.59.

Hedge Funds Weigh In On Li-Cycle

Several institutional investors have recently added to or reduced their stakes in LICY. Captrust Financial Advisors raised its position in shares of Li-Cycle by 38.2% during the first quarter. Captrust Financial Advisors now owns 5,750 shares of the company’s stock worth $49,000 after purchasing an additional 1,590 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Li-Cycle by 48.1% during the second quarter. Envestnet Asset Management Inc. now owns 15,083 shares of the company’s stock worth $104,000 after purchasing an additional 4,901 shares during the period. Raymond James & Associates raised its position in shares of Li-Cycle by 8.9% during the first quarter. Raymond James & Associates now owns 63,608 shares of the company’s stock worth $537,000 after purchasing an additional 5,193 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of Li-Cycle during the first quarter worth approximately $85,000. Finally, Atria Wealth Solutions Inc. raised its position in shares of Li-Cycle by 18.4% during the second quarter. Atria Wealth Solutions Inc. now owns 69,045 shares of the company’s stock worth $475,000 after purchasing an additional 10,716 shares during the period. 35.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on LICY. Cowen reduced their price target on Li-Cycle from $14.00 to $10.00 and set an “outperform” rating on the stock in a report on Wednesday, June 15th. Cowen reduced their price target on Li-Cycle from $14.00 to $10.00 in a report on Wednesday, June 15th. Robert W. Baird reduced their price target on Li-Cycle from $11.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday. BMO Capital Markets reduced their price target on Li-Cycle from $12.00 to $10.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Morgan Stanley reduced their price target on Li-Cycle from $10.00 to $8.00 and set an “equal weight” rating on the stock in a report on Friday, June 3rd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Li-Cycle currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.30.

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.

Further Reading

Earnings History for Li-Cycle (NYSE:LICY)

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