Yesterday, Largo Resources Ltd. (CVE:LGO), (PINK:LGORF) stock was finally rushed.
After days of investor uncertainty about the shares’ upward direction, one week after the last optimistic news related to the Currais Novos Project LGO stock exploded, hitting a new 52-week high.
This week began as a week of technical Dojis for the company’s shares. Almost one week of investor indecision and questioning of the current trend kept LGO stock breathless.
This was the week after the company announced the granting of the Installation Licence (LI) for the Currais Novos project by the state environmental agency for Rio Grande do Norte, and the appointment of a site manager for the project’s implementation.
On the day of that latest press release, the shares of Largo Resources Ltd. closed the trading session with no change in the price, while on the previous day LGO stock had jumped 12.24% up.
This Thursday, the first signals of the shares’ rush were given, even without the price overcoming the psychological limit of $0.30 per share. Yesterday, the strong prevail of the buyers resulted in LGO’s closing at $0.315 per share, the new 52-week high, and in a volume of three times the average for the stock.
Maybe, one of the factors that ended up the investors’ indecision towards a further LGO upmove, was that in addition to the above mentioned news, this Tuesday Mackenzie Financial Corporation (“Mackenzie”) announced its report of LGO share activity.There, Mackenzie reports an increase in the held LGO shares.[BANNER]
At the end of September, Mackenzie reported holdings of 42.71 million LGO common shares, representing approximately 15.9% of all the outstanding common shares. At the end of June, the corporation had holdings of 34.46 million common shares of Largo Resources, representing approximately 13.2% of all the outstanding common shares, held on behalf of Mackenzie’s mutual fund and private client managed accounts.
As stated in the above report: “The common shares and warrants were acquired in the ordinary course of business, for investment purposes only and not for the purpose of exercising control or direction over Largo Resources.”
The increased institutional investor interest towards LGO stock can be a strong positive sign to lower the uncertainty.
