HC Wainwright Lowers Largo (NYSE:LGO) Price Target to $9.00

Largo (NYSE:LGO) had its price objective decreased by stock analysts at HC Wainwright from $12.00 to $9.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 350.00% from the stock’s previous close.

Largo Price Performance

Shares of NYSE:LGO opened at $2.00 on Friday. The company has a market cap of $128.10 million, a price-to-earnings ratio of -3.70 and a beta of 2.06. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.97 and a quick ratio of 1.70. The firm has a 50 day simple moving average of $2.78 and a 200 day simple moving average of $3.69. Largo has a one year low of $1.97 and a one year high of $7.06.

Largo (NYSE:LGO) last announced its quarterly earnings results on Wednesday, August 9th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.13. Largo had a negative net margin of 17.17% and a negative return on equity of 12.66%. The firm had revenue of $53.11 million during the quarter, compared to analysts’ expectations of $44.10 million. Research analysts predict that Largo will post -0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Largo

Several institutional investors and hedge funds have recently added to or reduced their stakes in LGO. UBS Group AG increased its position in Largo by 4,549.3% in the 3rd quarter. UBS Group AG now owns 6,602 shares of the company’s stock valued at $35,000 after acquiring an additional 6,460 shares during the period. Solidarity Wealth LLC acquired a new stake in shares of Largo during the first quarter worth $73,000. Inscription Capital LLC increased its position in shares of Largo by 16.7% during the first quarter. Inscription Capital LLC now owns 17,500 shares of the company’s stock worth $91,000 after buying an additional 2,500 shares during the period. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in shares of Largo during the third quarter worth $99,000. Finally, Bridgewater Associates LP acquired a new stake in shares of Largo during the first quarter worth $131,000. 64.08% of the stock is currently owned by institutional investors and hedge funds.

About Largo

Largo Inc engages in the development and sale of vanadium-based energy storage systems in Canada. The company operates through, Sales & Trading, Mine Properties, Corporate, Exploration and Evaluation Properties, and Largo Clean Energy and Largo Physical Vanadium Segments. Its products include VPURE+ vanadium flakes that are used in the production of master alloys and aerospace applications; VPURE vanadium flakes ferrovanadium and vanadium carbon nitride for the steel industry; and VPURE+ vanadium powder for catalyst applications.