Lithium Americas (NYSE:LAC) Trading Down 4.2% – Here’s What Happened

Shares of Lithium Americas Corp. (NYSE:LAC) dropped 4.2% during mid-day trading on Wednesday . The company traded as low as $3.13 and last traded at $3.19. Approximately 3,403,245 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 4,669,578 shares. The stock had previously closed at $3.33.

Analyst Ratings Changes

Several equities analysts have recently commented on LAC shares. Scotiabank lowered their price target on shares of Lithium Americas from $3.00 to $2.50 and set a “sector perform” rating on the stock in a report on Friday, October 18th. BMO Capital Markets raised Lithium Americas to a “hold” rating in a research note on Wednesday. Piper Sandler began coverage on Lithium Americas in a report on Monday, July 29th. They issued a “neutral” rating and a $3.90 price objective on the stock. National Bank Financial upgraded shares of Lithium Americas from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Lithium Americas from $3.00 to $2.50 and set a “hold” rating on the stock in a report on Friday, August 16th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Lithium Americas presently has a consensus rating of “Hold” and a consensus target price of $5.50.

Lithium Americas Stock Up 7.9 %

The stock has a fifty day simple moving average of $2.61 and a 200-day simple moving average of $3.27.

Lithium Americas (NYSE:LAC) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). Equities research analysts forecast that Lithium Americas Corp. will post -0.09 earnings per share for the current fiscal year.

Institutional Trading of Lithium Americas

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

About Lithium Americas

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.