Lithium Americas (NYSE:LAC) Shares Down 1.3% – Here’s Why

Lithium Americas Corp. (NYSE:LAC) traded down 1.3% on Wednesday . The company traded as low as $3.58 and last traded at $3.69. 1,304,016 shares were traded during trading, a decline of 76% from the average session volume of 5,403,635 shares. The stock had previously closed at $3.74.

Analyst Ratings Changes

A number of brokerages have issued reports on LAC. B. Riley upped their target price on Lithium Americas from $4.50 to $5.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Scotiabank cut 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 upgraded shares of Lithium Americas to a “hold” rating in a research note on Wednesday, October 23rd. 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. Finally, Piper Sandler began coverage on shares of Lithium Americas in a research report on Monday, July 29th. They set a “neutral” rating and a $3.90 price target on the stock. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Lithium Americas has an average rating of “Hold” and a consensus price target of $5.63.

Lithium Americas Trading Down 2.7 %

The stock’s 50-day moving average price is $3.19 and its 200-day moving average price is $3.05. The company has a market capitalization of $803.28 million and a P/E ratio of -30.75.

Institutional Investors Weigh In On Lithium Americas

Several institutional investors and hedge funds have recently bought and sold shares of the business. Fairscale Capital LLC bought a new position in shares of Lithium Americas during the second quarter valued at approximately $27,000. Quent Capital LLC boosted its position in Lithium Americas by 100.0% during the 3rd quarter. Quent Capital LLC now owns 10,000 shares of the company’s stock valued at $27,000 after purchasing an additional 5,000 shares during the period. Evergreen Capital Management LLC bought a new position in Lithium Americas during the 2nd quarter worth $27,000. AE Wealth Management LLC acquired a new stake in Lithium Americas in the second quarter worth $27,000. Finally, SG Americas Securities LLC bought a new stake in Lithium Americas in the first quarter valued at $69,000.

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.