Bailard Inc. Invests in Li-Cycle Holdings Corp.
In the latest 13F filing with the U.S. Securities and Exchange Commission (SEC), it was revealed that Bailard Inc. has bought a new stake in Li-Cycle Holdings Corp., a leading lithium-ion battery recycling company. The institutional investor acquired 195,900 shares of the company’s stock at a value of approximately $932,000 during the fourth quarter.
According to reports, Bailard Inc. now owns 0.11% of Li-Cycle Holdings Corp., at the end of the most recent reporting period, thus making them one of the company’s top investors with significant stakes in its growth and success.
Li-Cycle Holdings Corp.’s recent high-tech solutions for recycling lithium batteries have garnered widespread investment interest globally. The innovative recycling methods employed by the company separates over 95% of all the components present in lithium batteries, which can then be utilized for further use in several industries, including automotive and consumer electronics.
The Niagara-on-the-Lake Ontario-based company is currently driving forward an expansion plan to cope up with growing demand for its technology-enabled processes and is set to launch three new plants across North America, Europe, and Asia within this year alone.
NYSE LICY opened at $4.86 on Friday with a 50-day moving average of $5.47 and a 200-day moving average of $5.55. Despite fluctuations during pandemic-induced uncertainties, Li-Cycle still shows promising results as it managed to maintain steady production while implementing safety measures for its employees amidst COVID-19 concerns.
Li-Cycle’s commitment to providing sustainable environmental solutions combined with their groundbreaking technology has made them an essential player in the global renewable energy industry today; therefore many experts predict that their growth momentum will continue undauntedly through this year and beyond.
If you are interested in finding out more about what other hedge funds are holding LICY, visit HoldingsChannel.com. Stay up-to-date on the latest 13F filings and insider trades for Li-Cycle Holdings Corp. to continue tracking their growth path.
Institutional Investors Show Interest in Li-Cycle Holdings Corp Amid Mixed Analyst Ratings
Li-Cycle Holdings Corp. (NYSE:LICY) is a company that engages in the lithium-ion battery resource recovery and recycling business in North America. The company recently garnered interest from several hedge funds, which made significant changes to their positions in LICY. State Street Corp bought a new stake in shares of Li-Cycle in the second quarter valued at $12,762,000 while First Trust Advisors LP purchased a new stake in LICY during the first quarter worth about $9,978,000. Similarly, Northern Trust Corp bought a new position in LICY during the second quarter worth around $6,039,000.
Van ECK Associates Corp increased its stake in shares of Li-Cycle by 15,256.7% in the third quarter and now owns 423,846 shares of LICY’s stock worth $2,255,000 after purchasing an additional 421,086 shares. In addition, AXA S.A., raised its position in shares of Li-Cycle by 24.2% in the third quarter and owns 1,598,452 shares of the company’s stock valued at $8,503,000 after purchasing an additional 311,133 shares during that period.
This surge of interest from institutional investors comes as no surprise given that several equities analysts have recently weighed in on the company with mixed opinions. Citigroup reduced its price target on LICY from $7.50 to $7.00 but set a “buy” rating for the company; Chardan Capital reissued a “buy” rating and issued a target price of $10.00 on Shares of Li-Cycle; but Morgan Stanley cut its target price from $7 to just $4 per share and downgraded LICY from “equal weight” rating to “underweight.” Despite this range of ratings activity towards LICY stock over recent months Bloomberg.com reports that there are still moderate buy recommendations for LICY and an average price target of $8.56.
Li-Cycle’s last quarterly earnings data showed earnings per share for the quarter as ($0.19), missing the consensus estimate by ($0.01). The company also reported revenue of just $3.00 million, falling short of analysts’ estimated revenue figures of $8.13 million. Despite these results, research analysts expect that Li-Cycle Holdings Corp will post -0.85 earnings per share for the current fiscal year with a mix of cathode and anode battery materials, including lithium, nickel, and cobalt along with graphite, copper, and aluminum; and copper and aluminum metals offerings forming its key market segments or areas of focus. Investors can stay updated on Li-Cycle’s latest movements by visiting HoldingsChannel.com to get the latest 13F filings and insider trades for Li-Cycle Holdings Corp (NYSE:LICY).
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