Why Li-Cycle Holdings Gained More Than 7% Today
Shares of lithium battery recycler Li-Cycle Holdings (NYSE:LICY) ended Monday's trading session up 7.7%, although the gain wasn't in response to any news from the start-up company. Rather, the stock jumped largely as a result of newly initiated analytical coverage by investment research outfit Wedbush. Wedbush analyst Dan Ives rates the stock as an outperform with a price target of $14 per share, suggesting the company is well positioned to capitalize on the impending electric vehicle boom.
Don't sweat it if you've never heard of it; most people haven't. The Canadian company only began to produce measurable revenue this year, with last quarter's 840% year-over-year improvement of its top line to $1.7 million. For the past three quarters Li-Cycle Holdings has done $3 million worth of business.
Much more awaits, however.
Source Fool.com
