Li-Cycle Holdings Corp [NYSE: LICY] stock went on a downward path that fall over -23.50% on Monday, amounting to a one-week price decrease of less than -21.41%. The company report on March 25, 2024 at 4:15 PM that Li-Cycle Closes $75 Million Strategic Investment from Glencore.
Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the “Company”), a leading global lithium-ion battery resource recovery company, is pleased to announce that an affiliate of Glencore plc (LON: GLEN) (“Glencore”), a leading producer, recycler, and marketer of nickel and cobalt for the production of lithium-ion batteries, has completed its previously announced $75 million investment in Li-Cycle through the purchase of a senior secured convertible note (the “Note”).
Ajay Kochhar, Li-Cycle co-founder and CEO, commented: “We are pleased to close the $75 million investment from Glencore, which enhances our liquidity position and is a key interim step in our funding strategy. As we continue our comprehensive review process, we look forward to expanding our existing long-term, strategic partnership with Glencore and are excited about the future opportunities for Li-Cycle. We remain focused on our key priorities of driving down costs through our cash preservation plan, reviewing our go-forward strategy for the paused Rochester Hub, and evaluating additional financing and strategic alternatives. We also continue to work closely with the U.S. Department of Energy on a conditional commitment for a loan of up to $375 million.”.
Over the last 12 months, LICY stock dropped by -82.64%. The one-year Li-Cycle Holdings Corp stock forecast points to a potential upside of 46.25. The average equity rating for LICY stock is currently 3.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $154.79 million, with 178.20 million shares outstanding and 120.30 million shares in the current float. Compared to the average trading volume of 8.07M shares, LICY stock reached a trading volume of 16496277 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on 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 $1.60 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 3.00. 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.
UBS have made an estimate for Li-Cycle Holdings Corp shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on November 16, 2023. The new note on the price target was released on November 16, 2023, representing the official price target for Li-Cycle Holdings Corp stock.
The Average True Range (ATR) for Li-Cycle Holdings Corp is set at 0.19, with the Price to Sales ratio for LICY stock in the period of the last 12 months amounting to 8.46. The Price to Book ratio for the last quarter was 0.41, with the Price to Cash per share for the same quarter was set at 0.45.
LICY Stock Performance Analysis:
Li-Cycle Holdings Corp [LICY] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -21.41. With this latest performance, LICY shares gained by 113.40% in over the last four-week period, additionally sinking by -77.13% over the last 6 months – not to mention a drop of -82.64% 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 54.96, with the RSI for the last a single of trading hit 51.16, and the three-weeks RSI is set at 55.54 for Li-Cycle Holdings Corp [LICY]. The present Moving Average for the last 50 days of trading for this stock 0.5395, while it was recorded at 1.1789 for the last single week of trading, and 2.6166 for the last 200 days.
Insight into Li-Cycle Holdings Corp Fundamentals:
Li-Cycle Holdings Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.89 and a Current Ratio set at 0.95.
LICY Stock EPS
With the latest financial reports released by the company, Li-Cycle Holdings Corp posted -0.22/share EPS, while the average EPS was predicted by analysts to be reported at -0.15/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -46.70%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for LICY.
Li-Cycle Holdings Corp [LICY] Institutonal Ownership Details
The top three institutional holders of LICY stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in LICY stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in LICY stock with ownership which is approximately 5.8325%.
