Largo (NYSE:LGO) Trading Up 7.1% - Should You Buy?

Key Points

• Largo Inc.'s stock experienced a 7.1% increase, trading at $1.51 after reaching a high of $1.52, with trading volume up 28% compared to its average.
• Wall Street analysts, including HC Wainwright, have a "buy" rating for Largo, with a consensus target price set at $3.70.
• Institutional ownership is significant, with 64.08% of Largo's stock held by institutional investors, highlighting increased confidence in the company's prospects.

Largo Inc. (NYSE:LGO - Get Free Report) shares rose 7.1% during mid-day trading on Friday . The stock traded as high as $1.52 and last traded at $1.51. Approximately 171,848 shares were traded during mid-day trading, an increase of 28% from the average daily volume of 134,578 shares. The stock had previously closed at $1.41.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a "buy" rating and set a $3.70 price objective on shares of Largo in a research report on Monday, June 30th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $3.70.

Largo Stock Up 2.3%

The stock has a market cap of $98.38 million, a PE ratio of -1.91 and a beta of 1.51. The firm has a fifty day moving average of $1.39 and a 200 day moving average of $1.50. The company has a quick ratio of 0.81, a current ratio of 1.67 and a debt-to-equity ratio of 0.34.

Institutional Investors Weigh In On Largo

Several hedge funds and other institutional investors have recently made changes to their positions in the business. XTX Topco Ltd purchased a new position in Largo in the second quarter valued at approximately $46,000. Millennium Management LLC purchased a new stake in shares of Largo during the 4th quarter worth approximately $74,000. Banco BTG Pactual S.A. acquired a new position in shares of Largo in the 2nd quarter valued at $61,000. Baader Bank Aktiengesellschaft acquired a new position in shares of Largo in the 1st quarter valued at $77,000. Finally, Sprott Inc. grew its position in shares of Largo by 5.4% in the 1st quarter. Sprott Inc. now owns 1,072,056 shares of the company's stock valued at $1,726,000 after buying an additional 55,247 shares during the last quarter. Institutional investors and hedge funds own 64.08% of the company's stock.

Largo Company Profile

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.