Lithium Americas (NYSE:LAC) Trading Down 5.5% – Here’s What Happened

by · The Markets Daily

Lithium Americas Corp. (NYSE:LAC – Get Free Report) shares fell 5.5% during mid-day trading on Thursday . The stock traded as low as $3.99 and last traded at $3.99. 4,537,316 shares were traded during mid-day trading, a decline of 16% from the average session volume of 5,383,946 shares. The stock had previously closed at $4.22.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. National Bank Financial raised shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 17th. Scotiabank decreased their price target on Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating for the company in a report on Friday, October 18th. B. Riley raised their price target on shares of Lithium Americas from $4.50 to $5.00 and gave the company a “buy” rating in a research report on Tuesday. Piper Sandler assumed coverage on shares of Lithium Americas in a research report on Monday, July 29th. They issued a “neutral” rating and a $3.90 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a research note on Friday, August 16th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $5.63.

View Our Latest Stock Report on Lithium Americas

Lithium Americas Trading Down 3.6 %

The company has a fifty day moving average of $3.13 and a 200-day moving average of $3.08. The company has a market capitalization of $823.10 million and a price-to-earnings ratio of -31.08.

Lithium Americas (NYSE:LAC – Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). As a group, equities research analysts expect that Lithium Americas Corp. will post -0.1 EPS for the current year.

Hedge Funds Weigh In On Lithium Americas

Hedge funds and other institutional investors have recently modified their holdings of the business. Marshall Wace LLP purchased a new position in shares of Lithium Americas during the 2nd quarter worth $10,252,000. Van ECK Associates Corp lifted its position in shares of Lithium Americas by 69.8% during the second quarter. Van ECK Associates Corp now owns 3,953,127 shares of the company’s stock worth $10,591,000 after purchasing an additional 1,625,149 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Lithium Americas by 580.1% in the second quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock valued at $4,977,000 after purchasing an additional 1,584,123 shares during the period. Teamwork Financial Advisors LLC grew its holdings in shares of Lithium Americas by 2,274.3% in the third quarter. Teamwork Financial Advisors LLC now owns 398,760 shares of the company’s stock valued at $1,077,000 after purchasing an additional 381,965 shares in the last quarter. Finally, Merewether Investment Management LP purchased a new stake in Lithium Americas during the 2nd quarter worth approximately $858,000.

About Lithium Americas

(Get Free Report)

Lithium Americas Corp. engages in the exploration and development of lithium properties in the United States and Canada. It holds a 100% interest in the Thacker Pass project located in northern Nevada, as well as investments in exploration properties in the United States and Canada. Lithium Americas Corp.

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