Investors Purchase Large Volume of Put Options on Largo (NYSE:LGO)

Largo Inc. (NYSE:LGO) saw unusually large options trading on Tuesday. Traders bought 2,599 put options on the company. This is an increase of approximately 252% compared to the average volume of 738 put options.

Largo Stock Down 2.8%

Shares of NYSE:LGO traded down $0.03 during mid-day trading on Tuesday, reaching $0.93. 320,281 shares of the stock were exchanged, compared to its average volume of 461,874. The stock’s 50 day simple moving average is $1.03 and its 200-day simple moving average is $1.34. Largo has a one year low of $0.85 and a one year high of $2.70. The company has a quick ratio of 0.81, a current ratio of 1.67 and a debt-to-equity ratio of 0.34. The company has a market cap of $77.56 million, a P/E ratio of -1.16 and a beta of 1.51.

Hedge Funds Weigh In On Largo

A number of institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in Largo during the third quarter worth about $29,000. XTX Topco Ltd acquired a new position in shares of Largo in the second quarter valued at $46,000. Banque Cantonale Vaudoise bought a new position in shares of Largo in the third quarter valued at about $61,000. Banco BTG Pactual S.A. acquired a new stake in shares of Largo during the 2nd quarter worth about $61,000. Finally, Virtu Financial LLC bought a new stake in shares of Largo during the 3rd quarter worth about $116,000. 64.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, HC Wainwright decreased their price objective on Largo from $3.70 to $2.90 and set a “buy” rating on the stock in a research report on Thursday, November 13th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $2.90.

Largo Company Profile

Largo Inc (NYSE:LGO) is a diversified resources and digital asset company that provides investors with exposure to both critical battery metals and bitcoin through publicly traded vehicles. The combined platform integrates specialty metals operations with a physical bitcoin trust, reflecting the company’s strategy to offer participation in traditional commodities and emerging digital assets.

The metals division focuses on the production and sale of high-purity nickel and cobalt sulfate used in electric vehicle batteries and energy storage systems.