Largo (NYSE:LGO) Trading 4.1% Higher - Time to Buy?

Key Points

• Largo Inc. (NYSE:LGO) shares rose by 4.1% to $1.90, with trading volume significantly increasing by 162% compared to the average.
• Analysts maintain a positive outlook, with a "buy" rating and a price target of $3.70 for Largo's stock.
• Institutional investors own 64.08% of Largo, indicating strong interest and confidence from hedge funds and other entities in the company's potential.

Shares of Largo Inc. (NYSE:LGO - Get Free Report) traded up 4.1% on Monday . The stock traded as high as $1.90 and last traded at $1.90. 368,094 shares traded hands during mid-day trading, an increase of 162% from the average session volume of 140,300 shares. The stock had previously closed at $1.82.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a "buy" rating and issued a $3.70 price target on shares of Largo in a report on Monday, June 30th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, Largo has an average rating of "Buy" and an average target price of $3.70.

Largo Stock Performance

The firm has a fifty day moving average of $1.50 and a 200-day moving average of $1.47. The stock has a market capitalization of $121.53 million, a price-to-earnings ratio of -2.37 and a beta of 1.52. The company has a quick ratio of 0.81, a current ratio of 1.67 and a debt-to-equity ratio of 0.34.

Hedge Funds Weigh In On Largo

Several hedge funds have recently bought and sold shares of LGO. XTX Topco Ltd purchased a new stake in Largo during the second quarter valued at about $46,000. Banco BTG Pactual S.A. purchased a new stake in Largo during the second quarter valued at about $61,000. Millennium Management LLC purchased a new stake in Largo during the fourth quarter valued at about $74,000. Baader Bank Aktiengesellschaft purchased a new stake in Largo during the first quarter valued at about $77,000. Finally, Russell Investments Group Ltd. grew its position in Largo by 75.9% during the first quarter. Russell Investments Group Ltd. now owns 288,860 shares of the company's stock valued at $466,000 after acquiring an additional 124,604 shares during the period. Hedge funds and other institutional investors own 64.08% of the company's stock.

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.

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