Market Analysts see Li-Cycle Holdings Corp. [LICY] gaining to $10. Time to buy?

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Li-Cycle Holdings Corp. [NYSE: LICY] gained 7.65% or 0.55 points to close at $7.74 with a heavy trading volume of 3413790 shares. The company report on May 5, 2022 that Li-Cycle and Glencore Announce Global Strategic Partnership; Glencore to Make a $200 Million Investment in Li-Cycle.

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Li-Cycle and Glencore Enter into a Long-Term Battery Supply Agreement; Glencore Designates Li-Cycle as a Preferred Global Lithium-ion Battery Recycling Partner.

Li-Cycle and Glencore will Create an Integrated Network to Supply Primary and Secondary Lithium-ion Battery Materials.

It opened the trading session at $7.70, the shares rose to $7.89 and dropped to $7.5741, the range by which the price of stock traded the whole day. The daily chart for LICY points out that the company has recorded -38.13% loss over the past six months. However, it is still -29.0% lower than its most recent low trading price.

If we look at the average trading volume of 1.96M shares, LICY reached to a volume of 3413790 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Li-Cycle Holdings Corp. [LICY]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for LICY shares is $12.88 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on LICY stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Morgan Stanley have made an estimate for Li-Cycle Holdings Corp. shares, keeping their opinion on the stock as Equal-Weight, with their previous recommendation back on February 10, 2022. While these analysts kept the previous recommendation, Chardan Capital Markets raised their target price to Buy. The new note on the price target was released on November 23, 2021, representing the official price target for Li-Cycle Holdings Corp. stock. Previously, the target price had yet another raise to $18, while Piper Sandler analysts kept a Overweight rating on LICY stock.

The Average True Range (ATR) for Li-Cycle Holdings Corp. is set at 0.54, with the Price to Sales ratio for LICY stock in the period of the last 12 months amounting to 394.20. The Price to Book ratio for the last quarter was 2.47, with the Price to Cash per share for the same quarter was set at 3.14.

Trading performance analysis for LICY stock

Li-Cycle Holdings Corp. [LICY] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 14.67. With this latest performance, LICY shares dropped by -0.26% in over the last four-week period, additionally sinking by -38.13% over the last 6 months – not to mention a drop of -24.78% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for LICY stock in for the last two-week period is set at 56.42, with the RSI for the last a single of trading hit 63.77, and the three-weeks RSI is set at 52.92 for Li-Cycle Holdings Corp. [LICY]. The present Moving Average for the last 50 days of trading for this stock 7.60, while it was recorded at 7.00 for the last single week of trading, and 9.49 for the last 200 days.

Li-Cycle Holdings Corp. [LICY]: A deeper dive into fundamental analysis

Li-Cycle Holdings Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 27.00 and a Current Ratio set at 27.10.

An analysis of insider ownership at Li-Cycle Holdings Corp. [LICY]

There are presently around $307 million, or 28.20% of LICY stock, in the hands of institutional investors. The top three institutional holders of LICY stocks are: BNP PARIBAS ASSET MANAGEMENT HOLDING S.A. with ownership of 4,426,945, which is approximately 0.361% of the company’s market cap and around 31.39% of the total institutional ownership; COVALIS CAPITAL LLP, holding 4,355,478 shares of the stock with an approximate value of $31.32 million in LICY stocks shares; and INVESCO LTD., currently with $19.93 million in LICY stock with ownership of nearly -17.064% of the company’s market capitalization.

Positions in Li-Cycle Holdings Corp. stocks held by institutional investors increased at the end of June and at the time of the June reporting period, where 101 institutional holders increased their position in Li-Cycle Holdings Corp. [NYSE:LICY] by around 21,601,587 shares. Additionally, 48 investors decreased positions by around 17,184,649 shares, while 12 investors held positions by with 3,894,787 shares. The mentioned changes placed institutional holdings at 42,681,023 shares, according to the latest SEC report filing. LICY stock had 66 new institutional investments in for a total of 15,738,262 shares, while 27 institutional investors sold positions of 9,173,194 shares during the same period.