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

Lithium Americas Corp. (NYSE:LAC)’s stock price dropped 5.5% during mid-day trading on Thursday . The company traded as low as $3.99 and last traded at $3.99. Approximately 4,537,316 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 5,383,946 shares. The stock had previously closed at $4.22.

Analyst Upgrades and Downgrades

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

Lithium Americas Trading Down 3.6 %

The company has a market capitalization of $823.10 million and a price-to-earnings ratio of -31.08. The firm’s 50 day simple moving average is $3.13 and its 200-day simple moving average is $3.08.

Lithium Americas (NYSE:LAC) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). As a group, sell-side analysts forecast that Lithium Americas Corp. will post -0.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC acquired a new position in shares of Lithium Americas during the 2nd quarter worth $520,000. Marshall Wace LLP acquired a new stake in Lithium Americas in the second quarter valued at $10,252,000. Merewether Investment Management LP purchased a new position in shares of Lithium Americas in the second quarter valued at $858,000. Point72 Asset Management L.P. raised its stake in shares of Lithium Americas by 580.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,857,193 shares of the company’s stock worth $4,977,000 after buying an additional 1,584,123 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Lithium Americas in the 1st quarter worth about $202,000.

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.