Largo (NYSE:LGO) Price Target Cut To C$16.00

Largo (NYSE:LGO – Get Rating) had its target price reduced by Royal Bank of Canada from C$20.00 to C$16.00 in a report published on Wednesday, The Fly reports.
Separately, CIBC downgraded shares of Largo from an outperform rating to a neutral rating in a research report on Wednesday, June 15th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $17.33.
LGO opened at $6.26 on Wednesday. The company has a 50-day moving average of $6.92 and a 200-day moving average of $8.83. The company has a market capitalization of $402.09 million, a P/E ratio of 15.65 and a beta of 2.24. Largo has a 1-year low of $6.14 and a 1-year high of $14.27. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.98 and a current ratio of 3.09.
Largo (NYSE:LGO – Get Rating) last released its earnings results on Wednesday, August 10th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.04. The company had revenue of $84.80 million during the quarter, compared to the consensus estimate of $70.02 million. Largo had a net margin of 11.27% and a return on equity of 10.42%. Equities analysts expect that Largo will post 0.55 EPS for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the business. National Bank of Canada FI boosted its holdings in shares of Largo by 61.3% in the 1st quarter. National Bank of Canada FI now owns 5,676 shares of the company’s stock valued at $72,000 after buying an additional 2,156 shares during the period. 626 Financial LLC acquired a new position in shares of Largo in the 2nd quarter valued at about $72,000. Solidarilty Wealth LLC acquired a new position in shares of Largo in the 2nd quarter valued at about $102,000. Bridgewater Associates LP acquired a new position in Largo during the 1st quarter valued at about $131,000. Finally, Connectus Wealth LLC acquired a new position in Largo during the 2nd quarter valued at about $144,000. 63.94% of the stock is owned by institutional investors and hedge funds.
About Largo
Largo Inc engages in the development and sale of vanadium-based utility scale electrical energy storage systems in Canada. The company operates in five segments: Sales & Trading, Mine Properties, Corporate, Exploration and Evaluation Properties, and Largo Clean Energy. 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.